Going Cashless – A Boon or Bane

Do you think using plastic currency and online transactions are better or do you prefer using cash? There are two sides to every coin, and the same goes for cashless transactions. Though every bank, including columbia bank sayreville, tries to protect their customers from card frauds, they’re still rising.

So, is going cashless a boon or a bane? Here is a list of the pros and cons of going cashless.

Columbia Bank
270 Main St, Sayreville
NJ 08872, United States
Phone: +1 732-432-9680

Benefits of Going Cashless

  • Reduction in crime as you are not carrying money that can be stolen by thieves.
  • You can keep track of your expenditure and savings through digital transactions.
  • Exchange of currency will be easier when you travel abroad. It can also save you from fraud exchangers.
  • It can aid in curbing the generation of black money as every transaction is monitored.
  • You need not worry about the careful handling and storing of cash as everything will be safe online.
  • Cashless transactions will help the government track down money launderers and tax evaders.

Drawbacks of Going Cashless

  • A hike in online transactions means a considerable rise in cybercrime. Fraudsters can hack your account and steal your funds.
  • If you are habitual to using cash, you may find it challenging to track your digital expenses. It also goes for technologically week individuals.
  • You may be charged extra money in terms of transaction overhead fees by several banks and businesses.
  • Simple technological problems such as the low battery of mobile phones or the absence of the internet may hinder your digital transaction.
  • Digital transactions may be problematic for individuals of the lower economic sector or those who do not have bank accounts.

While going cashless is mostly beneficial for you as an individual as well as the economy. However, the few drawbacks of a cashless society cannot be ignored. With the world moving towards cashless transactions, these cons need to be addressed in order to achieve a successful cashless future.