A World Without Cash—You Will Never See A Dime
A large portion of the population likely views the current efforts to transition to a cashless society as positive. They access their money with a debit card after having their paychecks sent directly to their bank account.
They likely also pay their bills online if they have actually established their own tiny cashless society. They no longer have a checkbook, never see a red penny, and have never held a dollar bill in their hands.
That tiny plastic card they get at the bank is used for everything.
Having physical currency on hand still gives me a sense of safety, and I like the concept of carrying around some spare change. I put a lot of effort into earning my money, and it would be nice to see a little of it every now and then.
Not only that, but a more sophisticated method of making purchases is also popular these days. Mobile phones.
Surely you've seen the commercial where the man sits in his chair, then gets up and puts on his coat and hat, only to remember that he can deposit his check by just taking a picture of both sides and sending them to the bank. After taking off his outerwear, he returns to his seat.
In theory, I can get behind this, but in practice, I can't help but wonder why he hasn't simply established direct deposit with his employer. Perhaps this is also effective for third-party checks, but in the commercial, it appears as though it is his weekly wage.
In our rapidly evolving digital landscape, I suppose this is referred to as progress.
Also, there are reloadable cash cards, gift cards to restaurants and stores, and so on. Although not all cash cards can be reloaded, the concept remains. Typically, you can buy one of these cards for $25, $100, or $200, the three fixed amounts.
Visa and Mastercard, the two largest credit card firms in the world, issue these ubiquitous cards. To activate the card, the user just needs to register it either online or over the phone. Just like when you activate your credit card.
Almost nobody would require a credit card if everyone could pay for anything they wanted online. Small purchases made on credit may soon be obsolete.
While a solid credit score is still necessary for large purchases like a home or car, maybe people would be more responsible with their spending if they could better manage their money.
The concept of a cashless society could become a reality sooner than anyone anticipates if people can instantly access their bank accounts and pay using their cell phones.
