There be accessed.(Bufi 2017) Theft of cash would

There are many benefits that arise from a consumer
perspective and those who portray enthusiasm of the likelihood of abolishing cash
as a transaction medium believe the instant benefits would be profound and
fundamental. The simplicity of financial transactions is the key incentive when
stimulating society to become cashless. The associated costs of holding
physical money will be eliminated and rationalised with less cash being handled
and circulated through society. It saves both effort and time for the entities
involved and individuals don’t need to carry physical cash in their wallet
which increases and provides the opportunity for small businesses to conduct
their daily financial activities without visiting bank branches, or for
consumers to even queue for an ATM will become obsolete. Technological
developments have created algorithms that directly assess financial
transactions, concluding their nature, location and even the appropriateness of
a consumption choice. These algorithms are now unrestricted and implemented by
credit and debit card firms. Now consumers can track all their spending habits
and purchases allowing them to be more financially disciplined as all their
transactions will be available to follow. There’s increased financial security
as some consumers may feel uncomfortable in possession of large cash volumes
and it’s very easy to shut down your digital wallet if it becomes compromised.
Even if your phone or wallet is stolen, your credit card is strictly protected,
and verification processes and pins make it hard for your phone to be accessed.(Bufi
2017) Theft of cash would be an impossibility with bank robberies and cash
robberies becoming very extreme occurrences. Safety of certain professions such
as shopkeepers, taxi drivers and cash assistants could end with the unnecessity
to hold cash quantities and could decrease the sale of illegal drugs and
violent crime related incidents. 


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