Dangers Of Digitization:-
1.In a Cashless Economy MONEY will always with the Banks.This is CONFISCATION.
2.Interest rates can be Negative.The Account Holders cannot do anything.Savers will lose. Consumerism will increase.
3.Banks' CASA will be higher
4.No accountability for the banks.Corruption will increase.
5.Loss of Internet Connections during a natural calamity,War or other emergencies will make life difficult for the Customers.
6.And one of the most important;-
Credit Card usage will raise Debt of individuals,due to Consumerism and IMPULSIVE SPENDING.This will be a serious Social Problem.
7.Loss of wealth & Data [ loss of privacy,ID Theft ],to Hackers.
Will be updated.....
1.In a Cashless Economy MONEY will always with the Banks.This is CONFISCATION.
2.Interest rates can be Negative.The Account Holders cannot do anything.Savers will lose. Consumerism will increase.
3.Banks' CASA will be higher
4.No accountability for the banks.Corruption will increase.
5.Loss of Internet Connections during a natural calamity,War or other emergencies will make life difficult for the Customers.
6.And one of the most important;-
Credit Card usage will raise Debt of individuals,due to Consumerism and IMPULSIVE SPENDING.This will be a serious Social Problem.
7.Loss of wealth & Data [ loss of privacy,ID Theft ],to Hackers.
Will be updated.....
