We have come a long way in the last 5 years with developments in technology which has revolutionised the way we pay for goods and services. The way we process transactions and do our banking. Mobile technology and contactless technology has been at the forefront of these changes and became what could be the first steps to having a cashless society.

As part of recent research into these kinds of changes, online cartridge company, Cartridge Save have looked into what would happen is we did become a cashless society. They looked into who would benefit from the changes but also who would suffer and be most disadvantaged. They suggested:

“When you remove the need for cash, the most vulnerable in our society will be the most disadvantaged.”

They state that homeless people and charities would be at a disadvantage, those who rely on generous donations, when living on the street or collecting for Charites from passer-by’s spare change will lose out. If you don’t have spare change to hand, will you be likely to donate anything, and with many homeless people in the UK being unbanked they will be left without.

There are some positives to becoming cashless, it removes the need to rely on having physical cash, and currently whilst operating a cash society and a cashless society some places still do not accept card payments. In countries such as Sweden, cash transactions only made up 2% of the value of transactions whilst in shops cash is used for just one in five transactions.

However some people may be uncomfortable, solely relying on cashless payments. For example: If you pay by cash, no one is able to track your purchases unless you also use store or loyalty cards, there is a certain level of anonymity. By removing cash, payments made via electronic forms can be tracked. This does mean it will be easier to crack down on the black market and it does make it much harder for people to hide money from tax and government agencies. However it also invites in government agencies to track all your moves, so you may have to account for every single penny in your account and prove which of the money deposited into your bank account. So owns will be on you to state what you shouldn’t be paying tax on.

There may be some people who would be hesitant to opt for a cashless society, to find out more check out this article.