A Cashless Society

Nowadays, we’ve seen the boom in cashless transactions. From checks to credit cards, people have become less reliant on coins and notes. Due to advances in technology, I believe that the next trend be in the form of electronic cash.

In the Philippines, it is popularly known as “G-Cash,” a service offered by Globe (other networks have created their own version of such service too) wherein an ordinary sim card contains an electronic wallet. It acts like a debit card and one would simply use funds from the e-wallet for everyday transactions. With a push of a button, a seller/vendor is instantly paid as if real cash was transferred.

This new technology is quite simple but highly useful. To increase the usage of this technology would greatly reduce our government’s costs in producing traditional forms of money. It would also enable users to keep a better track on their spending. But most importantly, it has limitless applications. It could replace ATMs or employers may utilize it in paying their workers. In the end, the ease and convenience of such technology would drive the flow of Philippine commerce.

The only problem lies with the anxiety that such dependency would greatly encourage the stealing of mobile phones. Nonetheless, the benefits surely outweigh any possible grievances that the general public may face.