Money, as we know and use it today, no longer has a real value, but is based on the social agreement to recognize it as a means of payment. That was not always so. Before the money came into the world, people were satisfied with the trade of natural goods. As time passes, it came out to be impractical, so that many cultures were able to create a billing unit that is coveted in the respective culture, such as mussels or precious metals.
Most people think that a cashless society is an assumption in the distant future. Unfortunately, this is not the case. The fact is that a cashless financial system can be much closer and beneficial to people than they would ever dare to imagine. To a large extent, the transition to a cashless society becomes voluntarily. Just think for a moment. Where are you still using money in cash today?
If you buy a hamburger or if you buy something at a flea market you continue to use cash, but for any mid-size or large operation, the vast majority of people will use another form of payment. Our finance system is changing dramatically, and cash is quickly becoming a thing of the past. In a digitized world, and national governments and the big banks both encourage the transition from banknotes and coins. But what constitutes a cashless society for our future?
In the future, it is inevitable that national governments and large financial institutions under the pretext of combating financial crime will use biometric identification systems identification.
Cashless society pros and cons:
Most governments around the world are anxious to move towards a cashless society also for the following reasons:
It is costly printing, check, move, store and protect.
It is favored by criminals because it does not leave a traces. Elimination of cash would make it much harder to do business with prostitutes, drug dealers, and other criminals.
But Above all, a cashless society would give more control governments. Governments would be able to monitor virtually all transactions and would also be able to monitor tax compliance far more closely.
Many of these biometric technology are already quite advanced. There will no longer need to create, track or remember multiple passwords for various login.
Each person has their unique biological identity, and behind all this, there are the data. Biometric data – facial definition, retinal scans and voice files – will be mixed through software to build your DNA-unique online password.
Described by the term data "biometrics multi-factorial," "advanced" intelligent systems will be able to use this in real-time information to make sure that whenever someone is attempting to access the information, which corresponds to its unique profile biometric is the unauthorized attempt.
The Indian government is currently implementing an identification card with biometrics features; the system is called Aadhaar ("Basis"). Firstly, that billions of people are still to be registered in the most remote regions, and that access to state resources is to be made available to entitled persons. Aadhaar is still dreaming of start-ups and financial institutions in the country with a weak infrastructure, and only recently the central bank announced the introduction of a single payment system based on Aadhaar. Thus, cash in India could soon be history.
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