Scotland is among the latest countries across the globe that has chosen to adopt the cashless payment system in various industries and markets. This system is becoming more and more convenient and acceptable among people each day. Thanks to IT, this system can be made easier, faster and more convenience for the average citizen.
Scotcoin is a new emerging payment system and structure that is neither controlled by the government or bank. User can only use online cashless systems to make transitions without physically handling any money.
What does this digital money offer?
• Transactions will become fast, easy and tax less. No bank will have control over the online money since the money will not go directly to them.
• This will especially benefit businesses since no physical cash will be used in transactions. Robberies cases will reduce and the safety of the business will be guaranteed.
The downside to this cashless system would be;
• Change is not accepted by everyone. There might be protests against this cashless system especially by banks. This will mean very little money will get to the banks and bankers will lose their jobs as less banks will remain open
• Businesses will have to settle for low insurance premiums and less protection against any incidents that may occur.
Implementing this cashless system might prove difficult for everyone to embrace it unless a solution for each posing problem is found.
The cashless system will slowly take charge of the way business is done with some countries having already embraced it. Let’s take Sweden for example; some transport companies and restaurants are only accepting digital payments. Sweds only prefer to use debit cards or phone applications such as Swish, an app allows users to transfer funds using their phones, to conduct any payments.
Cartridge Save, a surveyor found that about 70 percent of Scots are not as ready to embrace this cashless payment system citing fears of the safety and security of the system. They would also be worried on these online services since government agencies have been known to track transactions. All in all most money nowadays is electronic; this cashless system would just be an evolved form of it.