This is what the Cashless Society will look like and why you need to worry

Cashless payments are on the rise. They are fast, easy, and convenient. Worldwide, cashless transactions have become the norm. All over the western world, banks are shutting down cash machines and branches. They are trying to push you into using their digital payments and digital banking infrastructure. Sweden Is On The Verge Of Going Completely Cashless. India and China are following the trail. The Swedish central bank, predicts that cash transactions will make up less than 0.5% of the value of all payments made in the country in 2020 Now in China, in places like food courts and some McDonalds, you cannot use cash. Welcome to Atlantis Report. A Cashless society is a vision for the future. With the rapid increase in technologies ranging from debit and credit cards to technologies like Apple Pay and Samsung Pay, hard and fast cash is becoming redundant and thus a day is not far when we will do away with cash and checks. And thus this society which doesn't use cash is also termed as check-less society. Talking a bit further, the obvious advantages are:- Firstly, we would able to track our money right to the last cent, penny or paise which we find cumbersome with currency notes and coins. Finally you won't lose 25 paise buying a commodity which costs ₹ 75.75.( Americans and Europeans won't mind that much as they are still able to use their cents and pennies but still who hates convenience) Secondly, convenience. It's so liberating to not desperately counting your money in front of the shopkeeper. Safety. You don't risk losing your money and in case even if you lose your debit card or phone, no one can misuse it without your pin code or even better fingerprint(maybe even without your iris). And even better you can simply block your cards promptly and thus no one can use the cards even if they are hackers. You can obviously not block someone from using hard cash. Go green..! Not just green it would free up quite a bit of man power and natural resources which are utilized in minting money. Disadvantages- One would sorely miss the smell of freshly minted notes and the reliability and comfort hard and fast cash provides. Sure, physical cash is just a vessel of the perceived value we as a society have agreed upon. There is nothing stopping us from doing the same with bits of code stored in data centers. It might be difficult in societies like India, China, Brazil, where lots of people still only accept cash, but that will change soon enough. Mobile paying in the US is a hippie’s toy. In China, it is the main currency. So yeah, cashless is viable as long as all parties of the transaction agree to it as an excellent method of accounting for and transferring value, just be careful not to be too eager and eliminate 10% of your cash currency overnight as India did, let adoption spread naturally as it does in China . In China, there is no complete cashless status, but a cashless system is approaching. Nowadays, Chinese people are shopping, saving money, and transferring money, and all these behaviors have no cash participation. Instead, they are using Alipay and Wechat. For the full transcript go to https://financearmageddon.blogspot.com