The Cashless Society Will Lead To Chaos
The cashless society is almost here and it could lead to chaos and violence. Furthermore, many Americans could soon have no way to pay for necessities like food.
Poor people could have no way to buy food because they have no credit cards or smartphones. To elaborate, Big Retail is planning to get rid of cash registers and cashiers to save money.
In fact, Amazon is already operating 10 Go automated convenience stores that have no cash registers or cashiers, Grocery Business reports. Instead of cash, customers pay with digital wallets such as Apple Pay or Google Pay at Amazon Go. Moreover, Amazon plans to open up to 3,000 go stores by 2021, Bloomberg claims.
Big Retail Wants The Cashless Society
Big Retail wants the cashless society because it reduces expenses. For instance, Amazon does not pay cashiers at their Go stores.
In addition, Amazon needs less security at Go because there is no cash for armed robbers to take. Big Retail can also eliminate the expense of counting, storing, and hauling cash. After all, no safe, armored car, or armed guards are necessary when a store refuses to accept cash.
All in all, most of us are already living in a cashless society. For example, Americans used cash for only 30% of their transactions in 2018, The Federal Reserve estimates.
Additionally, people who do not use cash spend more. In particular, the average cash transaction was under $25 while the average credit card transaction was $67 in 2018, The Federal Reserve calculates. As a result, big retailers are readily embracing the cashless society because it increases their income while lowering their expenses.
We Are Not Prepared For The Cashless Society
Even though the cashless society is nearly here, most of us are still not ready for it.
Notably, the British government has no plan to cope with a cashless economy, Quartz reports. However, cash use is falling faster in the United Kingdom than in other countries. Specifically, the level of cash transactions in the UK could fall to 10% within 15 years.
The number of places where Britons can get cash is dwindling fast. Particularly, 70 bank branches are closing each month in the UK. Likewise, banks remove up to 300 ATMs each month in Britain.
How Cyberwarfare Threatens The Cashless Society
Ultimately, Britons could have no way to get cash if cyberwarfare or an electromagnetic pulse destroys electronic payment systems. So, most of Britain’s population would have no way to buy food after a cyber attack.
Notably, U.S. banks are already preparing for an apocalyptic cyber attack, PYMNTs.com claims. In fact, bank executives fear a cyber attack could wipe out up to 400 million bank accounts. For this reason, a cyber attack may devastate America’s cashless society.
Desperate mobs could roam cities and the countryside looking for food or gasoline. Furthermore, businesses and the government would shut down if employees are unpaid.
Get Ready For The Cashless Society And Chaos
Everybody needs to prepare for the cashless society because it is coming fast. Moreover, events overseas show that you will have no choice but to go cashless.
For example, most banks and many businesses in Sweden no longer even accept cash. In addition, parking lots and vending machines no longer accept cash in Sweden either.
Meanwhile, the People’s Bank of China (PBOC) plans to punish businesses that refuse to accept cash payments. A PBOC press release warned merchants that it is illegal not to accept cash.
The PBOC is threatening merchants because of complaints about businesses forcing customers to pay electronically, The South China Morning Post states. In detail, the PBOC is China’s central bank and the equivalent of America’s Federal Reserve.
In the final analysis, a cashless society is almost here and everybody must prepare for it regardless of current circumstances.
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What do you think about the idea of a cashless society? Let us know in the comments below.