{"id":1373,"date":"2018-06-13T12:18:53","date_gmt":"2018-06-13T12:18:53","guid":{"rendered":"https:\/\/www.pipit.global\/?p=1373"},"modified":"2018-06-19T11:18:23","modified_gmt":"2018-06-19T11:18:23","slug":"pros-and-cons-of-cashless-society","status":"publish","type":"post","link":"https:\/\/www.pipit.global\/?p=1373","title":{"rendered":"Pros and cons of cashless society"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">What connects Sweden and India? Weather conditions? No. Cuisine? No. Film industry? No. So what is it?! Attempted to make their economy cashless? Yes, that\u2019s right. Cashless!<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-1374 aligncenter\" src=\"https:\/\/www.pipit.global\/wp-content\/uploads\/2018\/06\/Pros_and_cons.jpg\" alt=\"\" width=\"800\" height=\"366\" srcset=\"https:\/\/www.pipit.global\/wp-content\/uploads\/2018\/06\/Pros_and_cons.jpg 800w, https:\/\/www.pipit.global\/wp-content\/uploads\/2018\/06\/Pros_and_cons-300x137.jpg 300w, https:\/\/www.pipit.global\/wp-content\/uploads\/2018\/06\/Pros_and_cons-768x351.jpg 768w\" sizes=\"(max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s start with a couple of interesting observations:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In Sweden more than 95% of transactions are <\/span><span style=\"font-weight: 400;\">digital. In 2016, Sweden saw the highest year-on-year increase in card fraud in Europe at 18%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In 2016, India <\/span><span style=\"font-weight: 400;\">pulled<\/span><span style=\"font-weight: 400;\"> 86% of existing currency from circulation (c.$240bn) in order to demonetize the country\u2019s shadow economy.\u00a0 \u00a099% of the demonetized cash was legitimately exchanged for new denomination notes.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The cashless economy is politically complicated, especially in developing economies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Uber, which has transformed the travel sector (and business models in general), was an early adopter of cashless payments via the Uber mobile app.\u00a0 However, Uber introduced cash payments as an option in many countries because, as the company discovered, cash is still many people&#8217;s preferred payment option and by excluding cash payers the company was excluding a significant section of society.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, what are the pros and cons of cashless society?<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Pros<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transaction Convenience<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">cashless payments can be swifter and, perhaps, easier than making cash payments and people do look for convenience (the least effort) in their day-to-day activities.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transaction Visibility<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">cashless transactions are traceable from source to destination which may help to counter money laundering and the use of proceeds of crime<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transaction Accountability<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">visibility of transactions means that avoidance of tax becomes more difficult and assets can be traced to the source owner<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Cons<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transaction security\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\">fraudulent use of stolen card details is on the increase globally. In the UK card fraud rates have risen every year from \u00a3341m in 2011 to \u00a3618m in 2016<\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transaction data<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">the security of transaction data can be compromised. Combined with other data sources it would be possible to build a detailed profile of any transactions (date, time, frequency, even location) and the parties involved\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Systems integrity<\/span>\n<ul>\n<li>power outages and system failures, although relatively uncommon, do occur and when they do the cashless economy grinds to a halt<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For people in rural and undeveloped areas cash will remain the only viable way of payment for the long term. Here at <\/span><a href=\"https:\/\/www.pipit.global\/\"><span style=\"font-weight: 400;\">Pip IT<\/span><\/a><span style=\"font-weight: 400;\">, our goal is to provide an equal opportunity for payment options and money transfer. Learn more about our <\/span><a href=\"https:\/\/www.pipit.global\/services\/\"><span style=\"font-weight: 400;\">services<\/span><\/a><span style=\"font-weight: 400;\"> and feel free to reach out for any type of question. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What connects Sweden and India? Weather conditions? No. Cuisine? No. Film industry? No. So what is it?! Attempted to make their economy cashless? Yes, that\u2019s right. Cashless! Let\u2019s start with a couple of interesting observations: In Sweden more than 95% of transactions are digital. In 2016, Sweden saw the highest year-on-year increase in card fraud &hellip; <a href=\"https:\/\/www.pipit.global\/?p=1373\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Pros and cons of cashless society&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[1],"tags":[18,6,5,4],"_links":{"self":[{"href":"https:\/\/www.pipit.global\/index.php?rest_route=\/wp\/v2\/posts\/1373"}],"collection":[{"href":"https:\/\/www.pipit.global\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pipit.global\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pipit.global\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pipit.global\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1373"}],"version-history":[{"count":5,"href":"https:\/\/www.pipit.global\/index.php?rest_route=\/wp\/v2\/posts\/1373\/revisions"}],"predecessor-version":[{"id":1381,"href":"https:\/\/www.pipit.global\/index.php?rest_route=\/wp\/v2\/posts\/1373\/revisions\/1381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pipit.global\/index.php?rest_route=\/wp\/v2\/media\/1374"}],"wp:attachment":[{"href":"https:\/\/www.pipit.global\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pipit.global\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pipit.global\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}