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Cashless payments gain momentum – Where is the world heading to?

Cashless or contactless payments are rapidly gaining momentum throughout the world. The cashless movement is basically driven by customer efficiency and customer convenience and such an innovative method of payment has opened up new opportunities for regular transactions undertaken by consumers. Online payment providers, mobile wallets and NFC or Near Field Communication continue to change the way we live and also permit merchants and businessmen to increase their point-of-sale transactions. There are several countries in Europe like Sweden which are leading the field and which have made considerable progress to become a better and improved cashless society.

As we have begun to rely too much on technology, transactions with contactless payments have increased manifold. Burgeoning number of people are switching to e-tickets instead of getting paper tickets while traveling. So, this clearly shows that we are heading towards a cashless society in the UK.

Some statistics that will support this drastic change

As per recent research by Techround, 84% people are switching to e-tickets while traveling, 65% are still choosing the tap-and-go services for smaller payments instead of paying on cash and 35% are using digital wallets. This is again enough proof of the fact that we’re well on our way to becoming cashless. Another firm, Cartridge Save started a survey which found out that majority of the people (75%) weren’t happy with federal agencies like the intelligent services and police which kept a close tab on all their transactions that were being made.

Is Sweden following the herd?

Interestingly enough, cashless payments are also increasing like never before in Sweden and in fact it is also on the threshold of becoming the first nation of the world which is going cashless.  But this may not happen too soon in the UK as according to Cartridge Save theory, the more you eliminate the requirement of cash, the neediest people of a society will feel the pangs of the system. The homeless people and the poor people will suffer due to the implementation of the cashless system.

Why would the homeless people suffer?

Banking is something that isn’t available to the homeless people and hence if the countries turn cashless, how are they supposed to buy their basic necessities? It is only due to their concern that the UK is still not adopting the cashless transaction to demonstrate a humanly attitude towards this class of people.

Would you like to be tracked?

Certainly not! In a perfectly cashless society, would you be happy that the federal agencies like the intelligence services, tax agencies or the police could track each and every transaction that you make? 72% people wouldn’t be happy with such gross intrusion even when they didn’t have anything to hide, 28% were comfortable with such vying attention from the government and the rest were not even sure of what was happening to them.

Therefore, which side would you fall in? Would you want your country to become cashless or would you want to continue using cash? Whichever way you want it to be, make sure you have enough money in your bank account to lead a stress-free life.

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