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Implications Of A Cashless Society Essay

1118 words - 5 pages

Section: Economics and Business

Essay: What are the implications of moving towards a completely cashless society?

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Introduction Paragraph-1:

1. Starting Point: The cashless society is yet another way to control and inhibit, rather than liberate people.

2. Thesis Statement: There are some very dark and great hidden dangers associated with cashless society which could even outweigh the pros of cashless society.

3. Briefly mention the topics you will discuss: The possible dangers could include the loss of control, human control, loss of ...view middle of the document...

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Body Paragraph-3 (Human errors)

1. Topic Sentence: The erratic nature of human beings can never be overlooked when it comes to electronic system of payments.

2. Support: We may hand over some level of control to the machines but we can never neglect the fact that human input must still be there somewhere along the line for everything to work perfectly. There could be issues of password and PINs being forgotten, credit/debit and ATM cards can be misplaced or even stolen. Cards can also expire or damage and replacement will not be instant or easy thus making it impossible for instant payment of goods/services.

3. Details/Example: Computers which are programmed by humans might malfunction and produce outrageous, ambiguous and inexplicable results. You might suddenly find out that you have more money than you can account for in your account, but then, you could also sadly find out that you owe more than you even fathom!

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Body Paragraph-4: (Loss of privacy and Identity Theft)

1. Topic Sentence: Cashless society introduces a very terrible dimension to the issues of loss of privacy. Everything from the least to the largest monetary transactions can be easily monitored.

2. Support: Even though cashless society can effectively curtail money laundering to a very large extent, but then not everyone is money-laundering minded. The magnetic chips on the cards are also marked for target and subsequent privacy loss attack.

3. Details/Example: Under cashless society, the person with the password is always the assumed owner of the e-currency account.

So there is actually no way to stop intruders completely thus making it very possible for almost everyone, most especially the dubious-minded, to assume any identity they want and that does not portend so well for our present world today where corruption and criminal activities are always on the rise. This could be the reason why credit card theft is on the rise. Under cashless society, they could also be a creation of something like an electronic underground society/syndicate that will specialize on identity theft.

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Body Paragraph-5: (Psychological Effects)

1. Topic Sentence: Even though most people will not hesitate to tell you they like change or remind you that change is the only constant thing in the world, in reality people find it hard to change or adapt to changes.

2. Support: We have a remarkable and characteristic love or fancy for the old ways of doing things. The psychological effect of adapting to new changes on many people would only be better imagined than...

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