What are disadvantages of using cashless payment

There are still many countries like Japan that have the means to use cashless payment but don't use it in many situations. We think that there are disadvantages to cashless payment that is keeping people away from going full cashless.

Exposes your personal information to a possible data breach


Technology problems can leave you with no access to your money


The poor and those without bank accounts will have difficulty paying and receiving payments


Some may find it harder to control spending when they don't see physical cash leaving their handsThese are some of the points from one website. And all of these are true and is hard to deny them completely. Some other sites mentioned privacy,Overspending,Technology Problems and Inequality. The biggest one we found interesting was with Apply pay and other phone or technology related methods of payment. If your phone or Apply watch runs out of charge, how will you pay? Technology is very useful and convenient but most of it needs to be charged. And if that runs out and you have no way to charge it, you will be in big trouble.


Pritchard, J. (2019, June 25). Cashless Society Pros and Cons. Retrieved from https://www.thebalance.com/pros-and-cons-of-moving-to-a-cashless-society-4160702


Would a Cashless Society be Good or Bad? (2019, July 01). Retrieved from https://financebuddha.com/blog/would-a-cashless-society-be-good-or-bad/