Cashless Society: Benefits and Challenges — Exscudo Blog

Cash In Decline: Some Statistics

  • People used cash in 26% of transactions only;
  • Paying with a debit card was the most popular option, followed by a credit card;
  • Cash was often used for small value payments (under 10$) and in-person payments.
  • Mostly, cash was used either by very young people (18–25) or by those over 65.

Cashless Society: Main Benefits

Benefit 1: Transparency and Traceability

Benefit 2: Easier Budgeting

Benefit 3: Economy Stimulation

Benefit 3: Alternative Currencies Growth

Benefit 4: Hygiene

Cashless Society: Challenges

Challenge 1: Surveillance

Challenge 2: Reliance On Technologies

Challenge 3: Risk of Cyber Crimes

Challenge 4: Marginalizing the Unbanked

Cashless Society: Conclusion

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