Cashless Payments: Benefits, Risks and Why Cash Still Matters

A cashless society is one where most payments are made digitally through cards, bank transfers and mobile payment platforms instead of physical notes and coins. Although digital payments have grown steadily since the 1980s, cash remains widely used across many countries. The shift to cashless payments can make transactions faster and easier, but it also raises concerns. Cash remains important for unbanked and low-income people, protects privacy, and provides a backup during network failures, power outages or other emergencies. Governments and central banks therefore face a balancing act: encourage convenient digital payments while ensuring that people can still access and use cash when needed.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.