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Paper Topic:

Will there ever be a cashless society in the United States?

Will There Ever Be A Cashless Society in the United States

Since the invention of credit cards on 1958 , the use of this particular electronic payment system has earned enormous amount of popularity . Due perhaps to its handiness and convenience , most people prefer to shop and pay their bills using ATM , credit and debit cards over cash . In fact , according to the article Credit Card Debt in the US by Elizabeth Harrison , people carry 2 .7 bank credit cards , 3 .8 retail credit cards and 1 .1 debit cards averaging to 7 .6

cards per cardholder (Harrison

In this regard , possible elimination of cash is being given much attention , ignited by numerous articles particularly Toward a Cashless Society by David R . Warwick . In this article , he proposed an electronic currency which would come about only if operated by the government since it controls the production and circulation of cash an important benefit of which is annihilation of money-related crimes such as theft , bank robbery and attacks on innocent shoppers , taxi drivers and cashiers . Drug dealing , which is made over cash and other illegal transactions ,ransactions will be diminished . Uash and other illegal seems to be nearing its realization . Economic hurdles can be worked out will be diminished . Streets will be safer and the world will be a better place to live (Warwick

One positive step toward cashless society , prior to the article , is the program launched by Bank of America in Charlotte , NC , called Quickwave . It involved restaurants and shops in the vicinity of the bank that allowed its 10 ,000 employees to buy and dine using a Quickwave card which is connected to their credit and debit cards . It is a small card made to fit a key chain and is waved over a blue censor as mode of payments . This process was said to be beneficial to both the customers especially during unavailability of cash and the merchants as additional attraction to their stores ( QuickWave ' card could be step toward cashless society

Other forms of non-cash payments are credit and debit cards , ATM 's prepayment cards and smart cards . Credit card allows customers to buy on installment , thus making it less difficult to pay for various items that they can not possibly buy due to lack of available cash . Debit cards , on the other hand , are good as cash because payment is debited from the account of the customers . ATM 's make cash readily available thus saving constant trips to the banks and are now being used as payment in place of cash . Prepayment cards store value , with the same appearance as that of credit cards and smart cards are somewhat extension of prepayment cards (Griffith

The spread , however , of the use of these electronic payment system which slowed further advancement of the cashless society is hindered by some factors . These include economic hurdles , consumer resistance and private concerns (Griffith . According to Lucy Lazarony in her article Life Without Credit Card is Reality to Millions , 54 of Americans...

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