Microsoft Word - ECCU Creative Youth Competition Essay KAH

if all countries facilitated cashless transactions, travelling could be more hassle free

for Caribbean citizens.

Finally, this economic concept could also prove to be advantageous for the

economy. In periods of slow economic growth, the government could implement

negative interest rates on the deposits kept in the online banks. This means that

citizens would be required to pay to keep their money in the banks instead of the

vice versa. This monetary policy would make saving less attractive and thus prompt

investment, increased lending and spending, thereby stimulating the economy.

Indubitably, all that glitters is not gold. If the transition to a cashless society was

marked solely with advantages, we would not be making weekly visits to the ATM

to withdraw cash. Though there are numerous, one of the most notable

disadvantages of a cashless society is the augmented risk of security and privacy

concerns. Digital systems are highly susceptible to the attack of hackers and

criminals. The digital footprint that cashless transactions leave is also indicative of

exposure and lack of privacy. Hacking can give rise to a myriad of severe problems

such as identity theft, data breaches and fraudulent transactions.

Another unfortunate problem associated with the manifestation of a cashless society

is the lack of dependability and resilience of telecommunications infrastructure,

particularly in the Caribbean. As, many of us experience, there is no guarantee of a

100% uptime of internet or data connections. This irregularity of service could

result in the inability to make purchases when most needed.

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