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Cashless Payment Systems

Cashless Payment Systems

Cashless Payment Systems are ways that consumers can make payments without using physical cash

  • Also called Digital Payment Systems
  • Examples include:
    • Credit Cards
    • Debit Cards
    • RFID Chips
    • Cell Phones
    • Venmo
    • Paypal

100% Cashless Payment System Concerns

  • There is no way to purchase goods if the power or internet goes out
  • Every transaction can be tracked by governments (eroding privacy)
  • Currency can be frozen in bank accounts (in times of crisis) leaving citizens no way to purchase goods

Warnings and Disclaimers

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