Hounds of a Cashless Economy
Could I just borrow a minute of yours? Let me take you to the nasty ride of a looming possibility. What if you wake up one day, with absolutely no technology by your side, gadgets are mere toys now, machines are powerless, no tyers prints on the tracks, no wire communications and moreover, internet is a fairytale, for now. Is that sound creepy? If yes, then we could proceed with the vivid trails of the growing “Cashless Economy”. We must understand that the huge dependence on anything, is only taking us down in the survival chart. Everything marketed today, comes with a proper schema. We must open up ourself to these indirect connections. The absolute high regards to the benefits or pros of the culminating cashless economy is actually draining the commons from the lurking danger underneath.
Let’s unveil the dragon!
System Shut-Down
We may find the seamless cashless way, too easy. But what if the system does not work for the whole day. Yes, a technological glitch has surfaced many times in the past and had left people empty-handed. Moreover, a bank failure could make the scenario worst. Customers are cheated blatantly here. If we go by the saga of system failures, we have many of them. The common one being the riot break out in a particular locality. Riots are always accompanied with vandalizing public property and conclusively leading to internet shutdown. We have more special ones: the cyber-attacks on various banking systems could grapple the monetary box in one shot. The deadly viral virus attack can wipe out the whole data in just a single scratch.
Privacy Infringement
The behemoth difference between the actual and virtual reality is starkly proceeded in the form of “Privacy Invasion”. With the concept of cashless economy, the trail of privacy is a mere ‘decorative item’. The smooth functioning of a hyped cashless society depends on your personal details: name, address, contact and many more. Internet theft and online fraud have become the new normal of a cashless society. Phishing is an activity induced to steal your money. But, holding the criminal guilty in the virtual world, is as virtual as it can be. Moreover the concept of cashless economy portends the account holder as a guardian of their own money and the banking institution as the real owner.
Remote Areas
Despite of the relief, the cashless system had bestowed during the so-called ‘pandemic bubble’. But still, the hound persists. Infrastructure has been very consequential in bridging gaps in the current developed society. But, hark! There lie many virgin areas which have been untouched by the sophisticated technology. We must accept that the brim or outer areas of many states do not accommodate the infrastructure- they are technologically half-baked. Thus, driving a whole new wheel of economy, leaving the abandoned unattended, will not be good idea. Despite of their scant inhabitants, the life still goes on. And if the cashless system is unleashed, the remote areas would find them in a ‘do-or-die’ scenario. The best option they would have is to escape the matrix. Who knows, other might follow their footprints…
Drain Shopping
Encompassed in the matrix society, the citizenry are environed in the alleged reality of desire coming true in just a few clicks. But what’s the actual cost of it? The growth of an easy money with the advent of social media has plugged the common sense of the masses. The double-deck loop of “earning — spending and saving — spending” has made the intellectual thinking to ‘bite the dust’. The easy button payments and delivery system at your door-step are making this even worse. We would always wonder why we just can’t channelize our money better.
The bundle of cash
is replaced with
stack of cards.
We don’t have our research on any aspects of our life. But mind it, they have. The sales marketing and product promotion techniques have crossed all limits. We are actually being prepared to buy more and more.
The new flash sales, discount on food, quick delivery, buy one get one schemes, emotional play, high discount on online payments, hypnotized advertising and many free-bies are today working with the nexus of a cashless society.
Calamities
Easy, multi-purpose and future oriented — these are the very basis of why our cash is being stashed at the banks. However, when we proceed with the cashless society, these bases are over-exaggerated. At the time of an unforeseen event, we depend on quick, single-serving and present situation solutions. But do they serve these? Absolutely ‘No’. In the event of an earthquake, war, biological disaster or a hybrid disaster, we only look for our paper money(fiat). But the cashless society do not permit this. It is a very clear indication of the crimes which might culminate due to no resources in the hard times. Either we have to be dependent on other forms of money — gold, valuables and our skills or we must adhere to the kingpins of these cashless societies. This is scary.
