CASHLESS SOCIETY

Description

The Cashless Society was designed to draw attention to the impending threat on physical cash in the hands of citizens. No longer is the idea of using cash for transactions or savings healthy for the banking institutions. No more cash as an option means more control and restrictions the banks will have over depositors.  The use of alternative methods of payment such as debit cards or instant payment via electronic devices is preferred because it plays into the next phase of the monetary system which is to go digital.

Since the world has entered into a negative interest rate environment, the use of cash outside the banking sector posses a great risk to financial institutions. If depositors realize that storing currency on deposit at there local bank cost them more than it earns in interest they will elect to remove their funds from banks.

The idea of removing choices between saving and using cash in transactions is more of a reason for people to rethink the role of currency as their only means of storing wealth.