OPINION: 'Cash or card?'- Should Ireland become a cashless society?

The term 'Cash is King' has been floating around for decades now. The idea that cash is more valuable than other forms of payments in a world where cash is being opted for card or virtual payments like Revolut more and more.

According to Livewell, "Cash Is King is a slang term often used to emphasize the importance of having physical cash or highly liquid assets. In times of economic uncertainty or financial crises, having access to cash becomes crucial for financial stability and opportunities".

But what would a cashless society actually mean for the general public? 

As someone who would normally say yes of course we should head towards a cashless society, there's now a couple of concerns I have around the whole idea.

Now, I personally rarely use cash in my day-to-day life and find it more of a hassle carrying it around than anything. I feel like I can make my money stretch more when it's on my card or on my banking apps because it's all kept in one place.

As soon I pay with cash and I am given any change it's usually shoved into my pocket to be lost or forgotten about.

So yes, I would normally, or selfishly I should say, 100% opt in for a cashless society. It seems to be where we are heading whether we like it or not anyways.

What with some companies only accepting card and getting paid cash-to-hand is becoming less and less common, it's fair to say that not a lot of people exclusively use cash in their everyday lives.

But there is a couple of reasons as to why I would be apprehensive about the change. 

My biggest concern would be homeless people- those who rely heavily on cash from people passing them by. They aren't going to be able to get a card machine so that people can give them money. Going cashless would heavily impact people who rely on kind hearted people who give them money to support themselves. 

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Yes, people could instead buy them food and water, etc instead but how many people do you know would take the time out of their day to do this? Go into a shop, queue up in a store and buy them a few bits to get them by? For a lot of people they would just reach into the pockets and take out whatever left over change they happen to have at that time.

In an ideal world of course we would have a society where no one is homeless, but one can only wish and dream.

There are currently over 10,000 homeless men, woman and children in Ireland. I feel these people in their thousands could be hit negatively if Ireland turned cashless tomorrow. 

Also, I feel like hospitality sectors that rely on cash tips would take a big hit as well. I feel that people are way more likely to tip using the change they are given after they pay for a service, than by adding it on their bill using card machines. 

Don't get me wrong, a cashless society would have it's benefits as well.

According to thebalancemoney.com, it is explained that "a cashless society might sound like something out of science fiction, but it's on its way.

"Many present-day financial practices and transactions already happen without cash, and many financial institutions, service companies, and even governments are proponents of the shift.

"On one hand, transitioning to a cashless system can reduce crime rates, streamline financial transactions, and simplify international payments.

"On the other hand, it raises concerns about privacy, cybersecurity risks, technological dependency, economic inequality, and the potential for increased overspending".

The article goes on to say that while cash may not be the prominent form of payment in the future, it will still hold importance.

"Appreciating the power of cash and maintaining a balance between digital transactions and physical cash resources is a prudent approach to managing one’s finances," the report said.

"While the world may be shifting towards digital transactions, the importance of cash in times of uncertainty remains irrefutable. So, make sure to keep some cash on hand because, in the world of finance, cash is indeed king!".

So what do you think? Should Ireland welcome the transition to becoming a cashless society?