What are the advantages and disadvantages of a cashless society

Nowadays,
bank issued
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bank-issued
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cards
such
as debit
cards
and
credit
cards
plays
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play
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a crucial role in our society and in our economy by enabling
cashless
payments as they eliminate the need to carry
cash
in the wallet. They
also
protect the users from being robbed.
However
, a
cashless
society is not ideal. It
also
has its own defects because no amount of
cashless
payment
can totally replace
the
Correct article usage
apply
show examples
cash
as some currency will always be in circulation at all times. In
this
essay, both merits and demerits are discussed. For the advantages, they can increase the overall purchases of the people.
Credit
cards
provide a specific sum of
loan
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loans
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to the individual from the bank.
Therefore
, if you do not have3
cash
in your wallet you can purchase anything.
Cashless
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The cashless
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method
increases the purchasing power of the
person
.
However
, it is a double-edged sword. It can be bad or good depending upon the habit of a
person
.
Credit
cards
are
also
helpful in emergency situations
such
as medical bills, pharmacy bills etc. For eg. in a medical emergency like an accident if a
person
does not have
large
Add an article
a large
show examples
sum of money in the wallet
then
he/she can use
the
Correct article usage
a
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credit
card for
payment
. Since all the transactions are recorded, it allows people to track their
expenditure
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expenditures
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.
Although
,
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apply
show examples
online
Correct article usage
the online
show examples
payment
method
has numerous pros, it
also
has
few
Correct article usage
a few
show examples
cons as well. Excess expenditure is one of the main
demerit
Change to a plural noun
demerits
show examples
of online
payment
method
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methods
show examples
. As we all know, humans have a habit of spending
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a lot
alot
Correct your spelling
a lot
of money than they can earn because they have
lot
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a lot
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of money
in
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on
show examples
their
cards
. For eg., in a recent report, scientists
has
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have
show examples
concluded that people spend more via
Add a hyphen
bank-issued
show examples
bank issued
Add a hyphen
bank-issued
show examples
cards
as compared to
the
Correct article usage
apply
show examples
cash
.
Credit
catrds
Correct your spelling
cards
also
have
high interest
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high-interest
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rates.
Also
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,Also
show examples
credit
cards
comes
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come
show examples
with
monthly
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a monthly
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bill, if a
person
does not pay the bill on time, they must pay penalty.
Furthermore
,
cards
can be misused by anyone if they are lost.
The online
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Online
show examples
payments
comes
Change the verb form
come
show examples
with their own benefits and drawbacks. It is not exactly a realistic idea because of their technical glitches.
However
, we can reduce the amount of
cash
in circulation by promoting the
cashless
process.
It's
Unnecessary verb
It
show examples
all
depend
Correct subject-verb agreement
depends
show examples
on how we use the
method
.
Submitted by poonam.tushir0099 on

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