Advantage and disadvantage of Cashless Society essay 107

Advantage and disadvantage of Cashless Society essay 107
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# Advantage and disadvantage of Cashless Society essay 107

Write about the following topic: You should spend about 20 minutes on this task. You should write 200-300 words.

Sample Answer 1

In this modern world, as everything happened at a fast pace so it becomes an integral and indispensable part of every human that they are becoming cashless now. Cashless means using electronic money instead of using hard. In this, money directly transfers through card and mobile apps from banks. Many people believe that cashless has a lot of merits to us along with our society while others argue that it impacts negatively on society because leads to many crimes. In my opinion, this bias has a plethora of merits along with some demerits. In this essay, we will discuss all the prospects of being cashless and leads to a probable conclusion.

To start with, being cashless has numerous benefits to us and our society. There is no need to stand in long queues for money withdrawal in ATMs. Now, many people are paying online bill payments such as grocery, electricity, water, or other household payments. All these make easy for ones who are too busy in their job. We can get attractive discounts and free stuff during online shopping. Besides, electronic money decreases crimes like cash theft. For instance, it removes the fear of carrying money with us while our card has lost anywhere, we can easily block them with the help of the bank. Hence, it is clear how being cashless is beneficial and required in this modern era.

On the contrary,

like “Every rose has its thorns”, cashless society also has some disadvantages. Although it reduces crimes like cash theft, it promotes crimes like identity theft. A number of payments through bank OTP is generated so mobile phones play an important role. These type of any theft means losing personal information known as cyber crimes. So, everyone should be very careful about it. In addition, there are some areas, where Internet services not provided yet, so people live there can’t get benefits of these because without the internet one cannot get cash free. For illiterate people, it may be confusing to learn the way of online payments. Thus, it is apparent why being cashless becomes a fear for some people.

To wrap up, after inspection upon further paragraphs, we can say, “each coin has two sides.” So, we can’t judge it by one side only. In a nutshell, it can conclude that it should be promoted on a wide range and try to overcome the drawbacks of this bias.


Sample Answer 2

Cashless society means to make all the transactions electronically using various methods rather than using bank notes or coins etc. Most of the countries are heading towards cashless in which Sweden is leading all the countries where 59% of transactions are made in online mode only. Some people perceive that there is no harm in becoming cashless while others argue that it leads to some serious problems. In my opinion, it’s good to be cash-free but why I will explain it in further paragraphs.

To begin with the merits, Cashless transactions leads to less crime. There’s no chance of any theft of cash because there is no tangible money. Cards are easy to carry, we can put them in the smartphone cases and if we lose the card somewhere that can simply contact to the bank and block our card but if we lose our cash there’s no chance of getting that back. Paying through cards can save money in the long run. To exemplify, if we buy something of Rs.97.50 then we will pay Rs.98 while having cash but through a card, we will pay the exact amount. It is not a big saving for now but if we continue shopping by card only then we can save a lot of money. Thus, it is apparent how cashless is helpful in this modern era.

Cashless

not have all the roses, there are some demerits also of becoming cash free. Most of the people use their smartphones to pay online and if our phone is switched off then we cannot even buy a single item that is most needed at that time. While going for shopping people will become impulse buyers and will buy those things which are not even required because they don’t have any record of money they spent. In addition, Hackers can hack the card details from any site where you have used it before for some transaction. A lot of population in our country do not have any bank account. They cannot even pay or receive money through cards. Hence, it is clear why being cashless should not be promoted widely.

In crux, Becoming cash-free is not of loss. Cashless can bring an abundance of advantages if used securely. So every country should move towards cashless.

(Sonia Bajaj)


Sample Answer 3

In this fast-paced world, it becomes an irrefutable fact that our world is becoming rapidly cashless. Many people believe that cashless has a wide range of positive aspects while others argue that it leads to several negative externalities. I firmly believe that this bias has numerous merits along with some demerits. I will elaborate on my views in the forthcoming paragraphs and will lead to a plausible conclusion.

Cash-free society has large numbers of benefits. Firstly, it reduces businesses risks and costs. Secondly, cashless decreases transmittal of disease also because cash provides a good home for disease-causing bacteria, according to a study on the bacterial composition in banknotes. Thirdly, being cashless, transactions become faster. To cite an example, a restaurant chain Sweetgreen found cashless locations could process transactions 15% faster. Thus, people should use electronic money instead of hard money.

However, cashless has several benefits but it also has disadvantages. For example, it creates privacy issues, fraudulent activities, and problems for unbanked. Owing to this, it becomes a greater fear for individuals which cannot be cured effortlessly.

In conclusion, after analyzing all aspects, we can conclude that the advantages of cashless overweigh the disadvantages. So, it should be promoted in a wide range.


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