Cashless society is in the centre of discussion in recent times, substantial arguments have been raised on whether or not we should embrace cashless transaction. Needless to say, cashless movement is inevitable as there has been an upsurge in the adoption of electronic payment from the public. Therefore, both side of the equation associated with such payment method will be discussed to provide detailed insights on the implication in cashless adoption.
To achieve cashless, one must first acknowledge that there is a plethora of benefits associated with cashless transaction. In the modern world where society is moving at increasingly faster pace, convenience is an undisputed selling point in many technological advances. Unlike cash payment, electronic payments not only speed up the action of moving money from one party to another but also eliminate the need to perform difference calculation which is susceptible to human error. As the entire process is computerized in the absence of physical contact, its simplicity therefore allows faster, accurate and most of all, convenient transactional experience.
On the other hand, moving to cashless usually implies surrendering one’s anonymity as each electronic transaction is documented. Generally speaking, most cashless transaction uses credit or debit card issued by financial institutes that profiles individuals spending patterns. The data compiled by these banks could be used for exploitative nature such as targeted advertising or other invasive agendas. Regardless one’s choice between convenience or privacy, its drawback should not be overlooked.
In light of discussion above, it can be concluded that the impact of credit card is prominent, although the way electronic transactions might invade privacy should not be overlooked.
