A fictional future? What a cashless society would really be like
As electronic payments are increasing, we are closer to a digital future. But how beneficial would it actually be?
Cash is slowly dying as digital transactions rise Photo: Lina Kamenskikh
LINA KAMENSKIKH
Only eats pizza.
Tap. Tap. Tap. The sound that echoes from every supermarket, cafe and store. Credit and debit cards have become a central way of paying and online banks have taken over simple transactions.
We are moving closer to a cashless society, one swipe at a time.
But how ‘healthy’ are these invisible transactions for our economy?
According to a UK Finance payment markets report for 2018, cash payments decreased by 16% to 11 billion and were the second most frequently used payment method after debit cards.
A cashless economy would mean neglecting those lacking a form of electronic payment, taking a major step back in economic inclusion.
That would affect the disabled, poor or in debt, and those who aren’t familiar with cashless payment systems.
Every card payment creates a digital trail, leaving your personal data behind with the business.
Technology is hard to be trusted. Numerous glitches and malfunctions can lead to failed transactions, robbing you of buying the things you need.
Two-thirds of UK adults are using contactless payment. We aren’t there yet, but forecasts predict that card payments will amount to 61% of all transactions by 2028.