Question

Abstract for the likelihood of a completely paperless society re: money and payments, etc?

Answer 1

A Paperless society is a society in which paper communication (written documents, mail, letters, etc.) is replaced by electronic communication and storage.

A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties.

Cashless societies have existed, based on barter and other methods of exchange, and cashless transactions have also become possible using digital currencies such as bitcoin.

E-Money

Electronic money is money which exists in banking computer systems and is available for transactions through electronic systems. Its value is backed by fiat currency and it can be exchanged into physical form however its uses are often more  convenient electronically.

ADVANTAGES OF CASHLESS SOCIETY

Efficient and convenient

Going digital, it helps to reduce the hassle of drawing cash or making sure that cash-in-hand is sufficient to make a payment in places where only cash payment is allowed. With a digitalized payment system, it speeds up the process of financial transaction and boosts the efficiency of the transaction.

Increased transparency

As monetary transactions are being made electronically, it increases the transparency as financial transaction are recorded. The cashless system will assist a wide range of institutions.

Businesses

Cashless payments would eliminate the fear of businesses receiving counterfeit money and flush out illegal cash. The risks of storing cash will also be reduced as payments are made digitally.