Cashless Society and its wonders

[jamal18]

Not sure if an entirely cahless society is such a good idea.

 

[Old School]

Going cashless is a great option but people must have choices. When you try to force cashless method with no other option left, people will be forced to find alternative payment methods. No payment option should be the only option whether it is cashless or cash only. I live in the USA and there are wide ranges of payment options available including cashless.

 

[zeeshe100]

Pakistani market will become cashless in next 30 to 40 years .

 

[Microsoft]

Going cashless is a great option but people must have choices. When you try to force cashless method with no other option left, people will be forced to find alternative payment methods. No payment option should be the only option whether it is cashless or cash only. I live in the USA and there are wide ranges of payment options available including cashless.

In New York they even have bitcoin ATMs

 

[PAKISTANFOREVER]

A cashless society is one where financial transactions are executed digitally, without physical banknotes changing hands. A cashless society makes use of electronic forms of payment such as credit and debit cards, mobile wallets, payment apps, internet banking, cashless point of sales (POS) systems, and other forms of digital payments.

There is no escaping the fact that we are already on our way towards a cashless society. Which brings us to the question ‘Why do we need a cashless society’? Well, the simple answer is there are many benefits to be gained from a cashless society. Primarily, cashless transactions are faster and much more convenient compared to cash transactions. Furthermore, a cashless society eliminates the need to carry cash and count it out every time a transaction occurs.
In a country like Pakistan where money laundering, bribery and tax evasion are huge issues a cashless society can almost entirely eliminate these problems. Cashless transactions hinder the generation of black money and therefore curbs corruption. A cashless society fosters lower crime rates as there is no tangible money for criminals to steal. A cashless society facilitates easier currency exchange while travelling abroad. There is no need to figure out currency exchange rates as technology assists you in more ways than one. By collecting extensive data through digital transactions, consumers can use behavioral insights to manage their spending habits and preferences. The risk of handling, storing, and depositing cash is eliminated. The risk of losing money is lower as credit cards, mobile wallets, and other platforms for digital payment can be blocked if stolen, but lost cash is nearly impossible to recover. Digital payments mostly result in cost savings through improved transaction speed and efficiency. Digital payments can foster better financial inclusion for the general populace by increasing access to a wide range of financial services. Digital payments can empower women, especially in developing countries, by giving them more control over family finances and therefore improving their economic opportunities.

I would the Chinese and Swedish members on this forum to discuss and share their experiences living in a cashless society.

@Bilal Khan (Quwa) @Tipu7 @Imran Khan @Signalian @Aspen @LKJ86 @IblinI @Beast @beijingwalker @SQ8 @ghazi52 @Horus @Arsalan @waz @AgNoStiC MuSliM @LeGenD @PanzerKiel @Joe Shearer @Irfan Baloch @TaimiKhan @Areesh @Moonlight @MastanKhan @jaibi @krash @Kambojaric @Foxtrot Alpha @Deino @BHarwana @PakSword @PAR 5 @Spring Onion @denel @Figaro @samsara @Grandy @JSCh @Feng Leng @bbccdd1470 @Sasquatch @Jungibaaz @PAKISTANFOREVER @TNT @Pan-Islamic-Pakistan @vi-va @A.P. Richelieu

Cashless societies are a very worrying phenomenon. They allow the state to have unlimited control over it's citizens.

 

[Falcon26]

pakistan is one of the most cash lover society

To evade tax and to reinforce the black economy, denying the state much needed tax revenue. Greece, which faced tax evasions like Pakistan, now fines people and businesses that pay with cash. And also, let’s not glorify the path it takes to become a cashless society. Many parts of Africa, now have cashless economies. Just google M-Pesa.

pakistan has no choice but to become a cashless society. The teeming startup culture should be tapped into to produce AmazonPay type systems. Else, it will continue to be cash starved nation with serious inequalities, untraceable wealth and money laundering, attracting the attention of FATF and other financial watchdogs.

One Country’s Grand Plan to Promote a Cashless Economy: Fine the Laggards Who Pay with Cash

Beginning in 2020, Greek taxpayers are required to spend 30 percent of their annual income with credit cards or digital payment platforms. They must show receipts on these digital transactions—or pay a fat fine.

fortune.com

 

[Figaro]

A cashless society is one where financial transactions are executed digitally, without physical banknotes changing hands. A cashless society makes use of electronic forms of payment such as credit and debit cards, mobile wallets, payment apps, internet banking, cashless point of sales (POS) systems, and other forms of digital payments.

There is no escaping the fact that we are already on our way towards a cashless society. Which brings us to the question ‘Why do we need a cashless society’? Well, the simple answer is there are many benefits to be gained from a cashless society. Primarily, cashless transactions are faster and much more convenient compared to cash transactions. Furthermore, a cashless society eliminates the need to carry cash and count it out every time a transaction occurs.
In a country like Pakistan where money laundering, bribery and tax evasion are huge issues a cashless society can almost entirely eliminate these problems. Cashless transactions hinder the generation of black money and therefore curbs corruption. A cashless society fosters lower crime rates as there is no tangible money for criminals to steal. A cashless society facilitates easier currency exchange while travelling abroad. There is no need to figure out currency exchange rates as technology assists you in more ways than one. By collecting extensive data through digital transactions, consumers can use behavioral insights to manage their spending habits and preferences. The risk of handling, storing, and depositing cash is eliminated. The risk of losing money is lower as credit cards, mobile wallets, and other platforms for digital payment can be blocked if stolen, but lost cash is nearly impossible to recover. Digital payments mostly result in cost savings through improved transaction speed and efficiency. Digital payments can foster better financial inclusion for the general populace by increasing access to a wide range of financial services. Digital payments can empower women, especially in developing countries, by giving them more control over family finances and therefore improving their economic opportunities.

I would the Chinese and Swedish members on this forum to discuss and share their experiences living in a cashless society.

@Bilal Khan (Quwa) @Tipu7 @Imran Khan @Signalian @Aspen @LKJ86 @IblinI @Beast @beijingwalker @SQ8 @ghazi52 @Horus @Arsalan @waz @AgNoStiC MuSliM @LeGenD @PanzerKiel @Joe Shearer @Irfan Baloch @TaimiKhan @Areesh @Moonlight @MastanKhan @jaibi @krash @Kambojaric @Foxtrot Alpha @Deino @BHarwana @PakSword @PAR 5 @Spring Onion @denel @Figaro @samsara @Grandy @JSCh @Feng Leng @bbccdd1470 @Sasquatch @Jungibaaz @PAKISTANFOREVER @TNT @Pan-Islamic-Pakistan @vi-va @A.P. Richelieu

US doesn't really do cashless at all. We are still stuck with credit cards and cash for the most part, with some NFC if you really want to use it. I think the US should really adopt the QR type payment systems that the rest of East Asia such as China is doing but as usual, there is too much resistance to change. Apparently everyone likes to pay just like they did 10 to 20 years ago here.

 

[IblinI]

US doesn't really do cashless at all. We are still stuck with credit cards and cash for the most part, with some NFC if you really want to use it. I think the US should really adopt the QR type payment systems that the rest of East Asia such as China is doing but as usual, there is too much resistance to change. Apparently everyone likes to pay just like they did 10 to 20 years ago here.

China,South Korean and Singaporean are in some degree the best at adpoting new ideas and tech.

 

[newb3e]

pakistan is 100 years behind . you need to go bank write checks use three signatures you need to be there for every job .hell i have account in habibi bank bahwalpur when i shifted islamabad i thought its just fine to use my same account here . but bank said no you can windrow only 5 lakh here or open new account in habib bank islamabad . what a stupidity . while when i was in gulf my account was open from one city but i can print my atm from any brach can deposit widrow money from any brach it was same just they need ID card . paksitani financial system is a big joke for me . because i have seen real good financial system of some good countries . another thing pakistan lack united payment system for all banks . ATM cards in pakistan seems to me useless . another method easy pesa or bla bla is scrap total BS .


world even move to stop printing cars documents and police car computers have all the data of car if they want to check .

while in pakistan still people worship original copy like holy book and keep it safe like if lost car price will fall down 1 to 3 lakh

true our Bankin systen is pre historic but i think its ancinet by design so corrupts can continue business smoothly!

 

[Imran Khan]

true our Bankin systen is pre historic but i think its ancinet by design so corrupts can continue business smoothly!

banks work like mafia of 19th century . lying to costumers about saving acconts always . sending recovery ghunda party to defaulters poor defaulters not billionares . doing dirty works such as not inforing fully terms and conditions and tons of papers need to be signed even thumbed for every shitty work . i hate pakistani banking culture .

 

[YeBeWarned]

Cashless society ? sounds like my wallet ..

 

[newb3e]

banks work like mafia of 19th century . lying to costumers about saving acconts always . sending recovery ghunda party to defaulters poor defaulters not billionares . doing dirty works such as not inforing fully terms and conditions and tons of papers need to be signed even thumbed for every shitty work . i hate pakistani banking culture .

khan sabh is mulk ka konsa idara mafia ki turhan operate nai kar raha? bank mafia bijli mafia water mafia transport mafia labor mafia land grabbing mafia aur agar khi ki sirf baat ki jai toh in sab mafias keh oppar aik he mafia hai! saviorMafia!

yahan logon ko lagta hai keh awaaz uthana walla raw ka bharat ka agent hai lakin bhai dil jalta hai jab is blessing of Allah Pakistan ko hum chand acre zameen aur kuch rs keh thaikun keh liye zaleel hota dekhtay hain!

bajwa sabh hybrid war ka bhashan daytay hain toy bhi mouqa app na dia na dushman app keh kartoot hain keh dushman app ki greed corruption ko exploit kar raha hai!; app he chowkidar bannay howay ho na zardari keh app he nay shareef ko bhagnay dia na mulk say! app he nay nro day keh Pakistan aur Pakistaion ki mother sister kardi!!

 

[Imran Khan]

khan sabh is mulk ka konsa idara mafia ki turhan operate nai kar raha? bank mafia bijli mafia water mafia transport mafia labor mafia land grabbing mafia aur agar khi ki sirf baat ki jai toh in sab mafias keh oppar aik he mafia hai! saviorMafia!

yahan logon ko lagta hai keh awaaz uthana walla raw ka bharat ka agent hai lakin bhai dil jalta hai jab is blessing of Allah Pakistan ko hum chand acre zameen aur kuch rs keh thaikun keh liye zaleel hota dekhtay hain!

bajwa sabh hybrid war ka bhashan daytay hain toy bhi mouqa app na dia na dushman app keh kartoot hain keh dushman app ki greed corruption ko exploit kar raha hai!; app he chowkidar bannay howay ho na zardari keh app he nay shareef ko bhagnay dia na mulk say! app he nay nro day keh Pakistan aur Pakistaion ki mother sister kardi!!

cant say more

last few weeks shia sunni mafias were active in karachi gathered millions on streets shows and things were going to bad that time gov was sleeping ? in corona millions gathers no one bothered . ab jab aik molvi ko mar diya to india ki bansurai bajany a ya PM

 

[Tair-Lahoti]

1. Who controls credit cards, debit cards?
2. Can visa and Master block cards on American or FATF directions?
3. Can we develope independent digital currency system completely under our government's control?

We need to answer these question and solve the related problems before going completely cashless and becoming dependent on institutions that are not under our jurisdiction.

 

[Morpheus]

To become a cashless society, the economy needs to be documented and digitised. This takes time ,and there is already lot of people that don't want that. Mainly cause they don't want to pay taxes, or they are told banking channels are haram.

However this trend is slowly changing. More and more people are opening bank account. With online shopping becoming more popular, people are opening bank accounts. As more people open account, the quicker we can move to a cashless society. I think it's said, if 70 to 80% of society is using digital banking, then it's consider a cashless society. Currently we have 20 to 23% of the population with a bank account. Still a long way to go