All you need to know about going cashless

As people rely on debit cards, credit cards and mobile wallets, cashless societies are becoming more and more real. So, it's time you start learning more about going cashless!

Although cash isn't about to disappear, a cashless society is becoming real as more people are starting to use debit, credit cards and even mobile wallets to make their purchases and transactions.

This means that it's time to learn the pros and cons of going cashless. Here's a guide of what you need to know about this issue.

A cashless society

First, you will need to learn what a cashless society is. As you may have deduced, it's a society in which you won't need cash to make purchases or pay bills. This doesn't necessarily mean that cash won't exist anymore!

People will rely on other payment methods like debit cards, credit cards, gift cards, wire transfers, mobile wallets, cryptocurrencies and payment apps (PayPal).

Currently, completely cashless societies don't exist. However, many countries -like Sweden- already have a plan to go cashless within a few years.

Pros of going cashless

These are some reasons why you should consider going cashless:

Cons of going cashless

There also are some drawbacks to going completely cashless. For example:

What you need to go cashless

The main thing you'll need to go cashless is to open a bank account with a linked debit card. You may also want to get credit cards that you can use as payment.

You can also opt for other ways of paying, like personal payment apps or cryptocurrency.

Once you open your bank account, you can set up a direct deposit for your paychecks and schedule electronic bill payments.

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