Trend Towards a Cashless Society

A cashless society is one in which cash, in the form of physical banknotes and coins, is not accepted in any financial transaction. Instead, people and businesses transfer money to one another digitally — via credit or debit cards, electronic money transfers, cryptocurrency, or online and mobile payment services, such as PayPal and Apple Pay. Although no existing society is cashless, many economists believe that consumer preferences, competitive pressures on businesses, profit seeking by banks, and government policies designed to facilitate cashless transactions will soon lead to at least a few cashless societies. Overall, the trend towards a cashless society is expected to continue for the next few years as more people adopt digital payment methods and businesses and governments continue to encourage their use. However, there are still challenges to overcome, such as ensuring financial inclusion for those who cannot use digital payment methods and addressing concerns about security and privacy.

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