The modern societies being the birth of

The transition to ‘chip and pin’ (Visa and MasterCard) has
been fully integrated in modern societies being the birth of our march towards
a cashless society, now we opt to leave the wrinkled tenner at home and
purchase goods with an effortless click or tap. With card payments being
instant and consumers do not have to walk with a wallet full of cash, having
wallets crammed with bank cards rather than overflowing with bank notes and
coins. The incentives to use cash are in decline whereas the advancements in
technology are causing the alternatives to thrive and dominate at the forefront
of the financial service industry. Certain cards and apps, you will even be
rewarded, with the more being spent the greater the reward. Evolving through to
the prosperous growth of Fintech payment firms involved in financial services
and peer to peer lending on e-wallets such as WePay, Apple pay, Square and Zopa
combined with the surge of decentralized cryptocurrencies like Bitcoin and
Ripple becoming more widespread are leading to old payments and conventional
banking systems becoming obsolete. These entities are working on and have
created various electronic payment mechanisms to steer a new digital payment
revolution with cash becoming less crucial in society. There are both
socio-economic advantages and disadvantages in going towards a cashless society
and there are arguments on why it may not be viable or why we may not go
essentially cash free in this generation. Millennials understand the
significance of cash and the straightforwardness of digitally controlled money.
However, we still use physical money for our daily transactions of goods and
services even with more people accepting a cash free culture but whether we
will entirely shun bank notes and coins in the future is not definite. These
matters will be thoroughly explored and examined within my extended essay
concluding on whether we are moving towards a cashless society from the perspectives
of consumers, governments economists, central banks, and my own viewpoints. 


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