What are the advantages and disadvantages of cashless payment respectively

1. Benefits of cashless

1) Saving labor, saving social resources and reducing costs. Currency, as the equivalent of exchange, itself requires production and materials, whether it is ancient gold ingots, silver ingots, copper plates, or today's coins and banknotes, all of which require resources, materials, and production means and technology.

(2) If a cashless society is realized, the costs and resources for printing banknotes will be greatly saved.

(3) A cashless society would also reduce the spread of disease . The microorganisms on banknotes are not only numerous but also diverse, including bacteria, viruses, parasites, mycoplasma, chlamydia, etc. about hundreds of species, among which there are 20-30 species of bacteria, such as Staphylococcus aureus, Staphylococcus epidermidis, Streptococcus, Escherichia coli, and Trichoderma. All these bacteria on the banknotes become an important way of spreading diseases.

(4) A cashless society leaves those cash-robbing miscreants with no place to go , and the corresponding crimes will be eliminated. Moreover, a cashless society will also eliminate counterfeit money.

(5) A "cashless society" eliminates counterfeit money. In the past, there was no need to set up anti-counterfeiting markings on coins, when people were still as young as they were.

2. Disadvantages of a cashless society

"Cashless society" sounds good, but it faces security problems and problems of use by special groups.

(1) In terms of security, since every transaction of electronic payment can be tracked, it is very easy to lead to the violation of personal privacy. In fact, the rising incidence of electronic payment and online banking fraud in recent years is a challenge that must be faced in order to fully realize a "cashless" society.

The vision of a "cashless society" is a good one, but it is difficult to support with technology alone. In the case of the increasing impact of electronic payment methods on the use of cash, how to make cash payments and electronic payments coexist, how to protect the privacy of citizens, how to plug the loopholes of cashless payments, etc., should be the relevant parties must face and research to solve the problem.

(2) special groups, for some people in difficulty, the elderly, the sick and disabled people, vendors, small businesses and so on, as well as in the underdeveloped areas of the people, they may not have the ability to open a bank account to transfer money, may not have a cell phone or will not be able to use a cell phone to pay, how to let them in the "cashless society" to survive! It's also a big problem for them to survive in a "cashless society".

If these problems are ignored and a "cashless society" is promoted across the board, insisting on cashless transactions, it will increase financial risks and forcefully exclude some people from modern society.

(3) There is also the carrier of mobile payment, most of which is concentrated in the cell phone, so cell phone shutdown, program error or even lost will pay a great threat, which I believe many people are also well aware of. Another problem is the possibility of a system crash that prevents financial flows and payments. For example, in the event of a disaster (including natural disasters such as earthquakes and man-made disasters such as wars).