What are the advantages and disadvantages of having a cashless society?

Nowadays, credit cards and online payment gateways are the dominant payment methods in developed societies. In

this

essay, the benefits and drawbacks of the

cashless

environment will be discussed before a conclusion of my point of view is stated. Online

payments

make it super easy for people to purchase from the internet. it cuts the time required to travel to stores, shops and other businesses.

Moreover

, it is quite easy to transfer money to others. all that you need is a few clicks on a computer or a smartphone.

For example

. Internet banking let users transfer up to ten thousand dollars in seconds without leaving their place. and the other can be get notified by their

bank

mobile application.

Also

, it is more convenient for businesses to accept

cashless

payments

, as cash

payments

will require physical and more costly security measures.

On the other hand

,

Cashless

payments

have a considerable amount of risk from hackers who devoted the latest technology and knowledge to get into users'

bank

accounts

and steal their money.

For example

. In Saudi Arabia, a remote hacker tricked many users and steal their

bank

passwords and was able to get into their

bank

accounts

and withdraw thousands of dollars before the

bank

security team blocked the hacker from accessing all of the other

accounts

. In conclusion, Despite

a

Correct article usage

the

show examples

risk of fraud activities by selecting

cashless

payment methods, more advanced technology and knowledge are hired to stop

such

behaviour.

For instance

, in the

last

,years a one-time-password (OTP) was introduced to all critical and sensitive online

accounts

. the idea behind OTP is to use a

second

channel

that is

almost impossible for a hacker to get access to even if he got the

bank

username and password.