The cashless economy is entrenching society with the rise of mobile payment systems like Apple Pay and Google Wallet. According to Fast Company, mobile transactions are expected to reach $721.4 billion worldwide this year, as the trend to pay and exchange money with smartphones increases among consumers. Technology brings both positive and negative implications for society and consumers. It's also easier for retails and consumers.
Pros
It's convenient. Most consumers are already walking around with smartphones in their hands, which are also more accessible than wallets. Cashless systems are beneficial for retailers because less physical cash means less to lose in the event of a theft.
Cons
Cashless payments are easily trackable, raising privacy issues for consumers and security issues for companies that collect payment data. Also, cybersecurity threats like identity theft and fraud are greater concerns with cashless transactions. With the increase of cashless in society, wealth disparity and the digital divide become more pressing because those without bank accounts or smartphones cannot participate.
