Moving From Cashless To Cardless

Moving From Cashless To Cardless

The origin of money can be traced from barter system days.  Slowly every country had its own currency.  Technology moved us towards using cards.  Thus the usage of cash has reduced a lot.  Now the whole world is moving towards the cardless mode of payments.  Imagine a world there would be no card or cash.  Still, people would be able to make instant payments for their transactions.

Advantages of having a cardless society:

  1. Across the globe, people can make instant payments. This will improve the speed of settling transactions in an awesome manner.
  2. A cardless society can help governments to eradicate terrorism and anti-social activities.
  3. This will help in lots of innovations. Presently due to the financial crisis, economies of various countries are in a bad condition.  Even for investing in a good option like crypto, people hesitate.  When App like bitcoin trader is introduced, there is constant doubt as to whether is it a safe app to use.  This is due to poor investor confidence.  But when the society becomes cardless, more new useful payment modes will be implemented which will boost the confidence of investors.

Already the usage of payment apps has increased manifold even in developing nations across the globe.  More innovations are underway to completely eliminate card usage.  Wearables with biometric/face recognition would soon bring in smart payment modes.

Why we need a cardless economy?

Many of us are unaware, how sensitive data like our credit and debit card details are stored.  The retailers with whom we frequently swipe these save them in a very insecure atmosphere.  The data is prone to cybersecurity threats.  This is the main reason for an increase in card related frauds and scams.  In a cyber environment, we do not know the face of the fraudster.  We neither know the purpose for which the fraudulent amounts would be used.  Also in the present environment, there is too much of third-party intervention in the payment methods.  This is also the main reason for the card data breach.

When the society becomes cardless, all the above threats would be automatically eliminated from the system.  Individuals would deal with payment based on their digital identity.  With the help of blockchain technology, the financial data would be stored safely.  Hence unknown third party hands cannot access the data.

Soon the world would move to cardless payment methods where financial transactions would happen in a safe environment.  No doubt economies would be free from anti-social elements and flourish positively.