A “cashless society” is one where people use debit/credit cards and other forms of payment. Do the advantages of a cashless society outweigh the disadvantages?

Nowadays, debit or credit cards may completely substitute the cash in transactions; it is

also

called a "cashless society". Some people argue against it;

however

, I believe the new approach has more positive aspects than drawbacks. In

this

essay, I will compare the reasoning of both sides,

then

I will address whether the advantages outweigh the disadvantages. The very notion of a transaction without the exchange of the real money or an equivalent in value may not be acceptable for some. There is always a fear for fraudulent activities. Indeed, cyber fraud is becoming a new norm for enforcement bodies

such

as police and judicial departments.

However

, noteworthy to mention is the fact that,

this

kind of schemes

such

as Ponzi schemes always existed, and the only difference is the form and the medium it is committed within.

Furthermore

, it may be argued that governments, and

in particular

governments of developing states have the tendency to intentionally mishandle the real value of the national currency by creating more value rather than their central banks’ reservoir.

Although

,

this

is a valid concern, the same can be true in the current physical money printing.

Therefore

, I see no rigid and exclusive disadvantage that cashless society may pose.

On the other hand

, there are numerous grounds on the overwhelming advantages of

this

new approach.

First

of all, printing is costly for the governments. These costs can be deducted from the public budget, and may be added to other sectors

such

as welfare.

Second

, it consumes huge amounts of materials including paper. Within the concept contemporary global warming, there is no question of the adverse effect of deforestation. Should we avoid using paper, amongst other measures, we may end up having a slower pace in earth’s temperature rising. Forth, it should be noted that terrorism is one of the major concerns all over the world. Many international organizations are fighting to prevent the transfer of money to terrorist groups. There is no doubt that tracing electronic transfers and prohibiting

such

funding are much easier with new electronic infrastructures.

Finally

, the very devastating pandemic of new corona virus proved that how counterproductive is the use of cash. As an example, the Netherlands, and many other European countries, during their infection peaks, totally banned the transfer of cash in shops to hinder the contraction of the new corona virus.

Hence

, it is reasonable to assert that the advantages of an economy which uses electronic methods outweigh the disadvantages. In conclusion, I strongly believe that the transition from printed forms

to

Suggestion

To

electronic currencies is an inevitable development in the near future. In fact, many societies already started in

this

way, and new current pandemic by highlighting the very negative aspects of physical currencies, accelerated the matter.