Is it time for the anticipated cashless society ?

As I read this fascinating report I cant help but feel this is just over the horizon...

Original article by Melissa Jun Rowley (linked below)

https://newsroom.cisco.com/feature-content?type=webcontent&articleId=1750635

MARCH 03, 2016

The days of holding cold hard cash in our hands may soon be coming to an end. Paper bills are tangible and reliable. They’re also analog and rapidly becoming antiquated, due to the penetration of IoT enabled devices in the payments industry. 

Eric B. Delisle, founder of the cyber security company ICLOAK, says the more citizens use cashless systems, which require a computer or device, the more people who have preferred living in an analog world will be pushed into the 21st century. This means new security measures will be needed.

But first, let’s review the positives of doing away with the iconic dollar bill.

What are the benefits of a cashless society?

In a perfect digital utopia, money is moved more easily. This is beneficial particularly for the poor, who can pay bills digitally without needing a bank account, thanks to mobile money platforms.

Kenya is a global leader in mobile money programs, and has been cultivating a cashless ecosystem for years through M-Pesa, a mobile phone-based money transfer, financing and micro-financing service that works with local Kenyan currency.

In Somalia, a country recovering from two decades of civil war, 51 out of every 100 people have a mobile subscription, and the country’s devastated banking system has been almost entirely replaced by mobile money. Using the money transfer systems of the Hormuud Telecommunication Company, Somalians can transfer up to $3,000 (USD) a day within the country. For many citizens of Somalia, carrying cash makes them vulnerable, as the region continues to experience social unrest.

How will going cashless affect security measures?

In terms of convenience and speed, going cashless is a sweet option. For the unbanked or underbanked poor people living in developing countries and in the Western world, having access to mobile money can mean the difference between life and death. However, for the middle to upper class citizen, the instant gratification that comes with cashless transactions comes with the same drawbacks that everything tied to the internet does—security issues

“The personal computer systems used to access account management or online shopping where credentials may be input, are being compromised at a greater rate than ever before,” shares Delisle. “Without using a specialized, secure system, users have no good way of knowing they are using a safe computer that isn’t stealing their credentials.”

What do you think - Is it time to go cashless?