Microsoft Word - ECCU Creative Youth Competition Essay KAH

Unfortunately, this system will also illuminate the social and economic inequality

amongst the citizens of the country. Most likely, the most financially vulnerable in

society will be unable to afford the technology—such as smartphones—needed to

facilitate digital transactions. This could thus lead to an increase in crime as they

may resort to committing acts of robbery and theft with the sole purpose of

survival.

Furthermore, apart from those who do not have access to the technology, like with

every major change, there will be people who will be resistant to this novel

system.

Lastly, physical cash also assists in the tracking of spending. Psychologically, there

is a notable imprint when tangible notes leave one’s hand. When using a digital

system, purchases do not register so prominently. With electronic payments, it is

easier to fail to notice how much is being spent and this may lead to

overspending.

To many, the transition to the cashless system may seem fantastical. However, we

are actually a lot closer than it seems. With the increasing utilization of credit

cards, debit cards and systems such as PayPal and mobile phone payments, there

are already a myriad of digital payment options. A cashless society offers many

benefits for the Eastern Caribbean and it is likely that the aforesaid trend will

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