Cashless Society: Pros and Cons
                     CASHLESS 
SOCIETY PROS AND 
CONS
20XX
Introduction
A cashless society might sound like something out of 
science fiction, but it's already on its way. Several 
powerful forces are behind the move to a cash-free 
world, including some governments and large 
financial services companies.
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Pros of a Cashless 
Society
Lower2 0XCX rime 
Rates
Carrying cash makes you an easy target for criminals. 
Once the money is taken from your wallet and put 
into a criminal's wallet, it'll be difficult to track that 
cash or prove that it's yours. 
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20XX
Automatic 
Paper Trails
Similarly, financial crime should also dry up in a 
cashless society. Illegal transactions, such as illegal 
gambling or drug operations, typically use cash so 
that there isn't a record of the transaction and the 
money is easier to launder.
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Cash Management 
Costs Money
Going cashless isn't just convenient. It costs money to 
print bills and mint coins. Businesses need to store 
the money, get more when they run out, deposit cash 
when they have too much on hand, and in some cases, 
hire companies to transport cash safely. 
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International Payments 
Become Much Easier
When you travel, you may need to exchange your 
dollars for local currency. However, if you're traveling 
in a country that accepts cashless transactions, you 
don't need to worry about how much of the local 
currency you'll need to withdraw.
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Cons of a Cashless 
Society
20XX
Digital Transactions 
Sacrifice Privacy
Electronic payments aren't as private as cash 
payments. You might trust the organizations that 
handle your data, and you might have nothing to hide. 
However, the more information you have floating 
around online, the more likely it is to wind up in 
malicious hands.
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Cash20XlXess 
Transactions Are 
Exposed to 
Hacking Risks
Hackers are the bank robbers and muggers of the 
electronic world. In a cashless society, you're more 
exposed to hackers. If you are targeted, and 
somebody drains your account, you may not have any 
alternative ways to spend money. 
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Techn20oXX logy 
Problems Could 
Impact Your 
Access to Funds
Glitches, outages, and innocent mistakes can also 
cause problems, leaving you without the ability to buy 
things when you need to. Likewise, merchants have 
no way to accept payments when systems 
malfunction.
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Econ20oXX mic 
Inequality Could 
Become 
Exacerbated
Unless special outreach efforts are made, the poor 
and unbanked will likely have an even harder time in 
a cashless society. If smartphone purchases become 
the standard way to transact, for example, those who 
can't afford smartphones will be left behind.
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