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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