Our Gradual Steps Towards a Cashless Society Raise Major Cybersecurity Concerns
Steps towards a cashless society - Generated via Midjourney Recent advancements of technology have given rise to a global surge in digital payment methods. From mobile payments to cryptocurrencies, cashless transactions are becoming increasingly prevalent worldwide. While the idea of a cashless society holds undeniable appeal, it comes with its share of advantages and disadvantages. From heightened security and convenience to potential issues with inclusivity, there are factors that make this shift worth contemplating. Defining a Cashless Society A cashless society is a financial ecosystem where all transactions are conducted electronically, eliminating the need for physical cash. Digital refers to methods such as credit/debit cards, mobile payments, and online transfers replacing paper currency and coins. This concept is not new and has been gaining momentum globally, with some countries even setting targets to eradicate cash entirely. Advocates highlight the benefits of cost reductio...