‭Group members: Dmytro, Atharv, Parth‬

‭DISCUSSION‬
‭SHOULD CASHLESS PAYMENT EXIST?‬

‭ADVANTAGES‬‭of cashless payment:‬

‭1)‬ ‭Less chances of money terrorism;‬
‭2)‬ ‭Its faster, safer, convenient ( no need to carry cash);‬
‭3)‬ ‭Less chances of income tax fraud;‬
‭4)‬ ‭There are rewards given out by companies;‬
‭5)‬ ‭There is economic growth in the country.‬

‭DISADVANTAGES‬‭of cashless payment:‬

‭1)‬ ‭Not all people have access to a smartphone;‬
‭2)‬ ‭Security Concerns may arise;‬
‭3)‬ ‭Many people are not technologically skilled;‬
‭4)‬ ‭No transaction fee. (Unreasonable transaction fees may be imposed by‬
‭organizations?)‬
 ‭ ransition into a cashless society may seem tempting to many. And for‬
T
‭good reason, as it offers a more convenient approach to financial‬
‭management. However, the process of conversion must be gradual due to a‬
‭myriad of factors - both positive and negative.‬
‭Positives:‬
‭-‬ ‭With the abolition of hard cash, money laundering, tax evasion and‬
‭illegal transactions would become much more difficult to perform.‬
‭-‬ ‭Eliminating hard cash would disincentivize mugging as there would be‬
‭less property to prey on.‬
‭-‬ ‭We would no longer be inconvenienced by manual currency exchange‬
‭and transactions.‬
‭-‬ ‭Printing cash comes at a cost. By moving away from it, we could better‬
‭the integrity of our ecosystem and direct the financial investment‬
‭somewhere else.‬

‭ egatives:‬
N
‭-‬ ‭Power outages, device/app malfunctions may still happen, hindering‬
‭the availability of digital banking to a certain extent.‬
-‭ ‬ ‭Hackers in particular would become much more ambitious and hence‬
‭dangerous, as people would now be depositing all of their funds into‬
‭their bank accounts.‬
‭-‬ ‭Entrusting the organizations with managing your financial data may‬
‭not be the best idea since it is still likely to be exploited by third-party‬
‭individuals, as the protection is not foolproof.‬
 ‭References‬

‭“Advantages and Disadvantages of Online Payments.” n.d. Javatpoint. Accessed September 12, 2023.‬

‭https://www.javatpoint.com/advantages-and-disadvantages-of-online-payments.‬

‭Khartit, Khadija. 2022. “The Pros and Cons of Moving to a Cashless Society.” The Balance.‬

‭https://www.thebalancemoney.com/pros-and-cons-of-moving-to-a-cashless-society-4160702.‬

‭Martin, Felix, and Mick Herron. 2022. “The big idea: should we embrace a cashless society?” The‬

‭Guardian.‬

‭https://www.theguardian.com/books/2022/apr/18/the-big-idea-should-we-embrace-a-cashless-s‬

‭ociety.‬

‭“Should We Become a Cashless Society?” n.d. Investopedia. Accessed September 12, 2023.‬

‭https://www.investopedia.com/should-we-become-a-cashless-society-4770489.‬

‭Wilkinson, Jodie. 2023. “6 Benefits of Going Cashless: The Rise of Card Payment Methods‬

‭|takepayments.” TakePayments.‬

‭https://www.takepayments.com/blog/business-growth/6-benefits-of-going-cashless-the-rise-of-‬

‭card-payments/.‬