PROS  AND CONS OF CASHLESS ECONOMY

INTRODUCTION
Cashless economy refers to a system in which monetary transactions are made primarily through digital payment methods or electronic means such as credit cards, mobile payments( e,g mpesa) or online banking instead of physical currency. Cashless economy has gained tremendous mainstream liking in recent years ,and with technological advancements and consumer preferences there has been need to change to way that rhymes them. Many advantages are associated with this method and has made it gain great liking from businesses and consumers. However,it is also faced by some drawbacks that also deserve consideration. Below are some of the cons and pros of digital non-cash financial transaction.
Pros of cashless economy
(1)Enhanced security
Digital transaction typically are more secure than cash transaction. Cash can be lost or stolen.During cash thefts ,the owner of the money or the person transporting the money is also at risk of being injured. In contrast, electronic payments is relatively safer, with various layers of security, including encryption, two factor authentication and fraud detection mechanisms rendering cashless transaction quite safe. With cashless transaction,safety is ensured even at individual levels by means of personal private pins and passwords to protect your assets. On a larger scale of service provider encryption, data has end to end encryption from sender to receiver, making ones money private and not easily accessed ,the encryption also allows easy detection of breach in the system which can be countered in time or immediate quick follow up can be done. This reduces risk of theft and fraud providing a sense of security for both consumer and business.
(2) Convince
The ease of conducting financial transactions is probably the biggest motivation of cashless transaction. With cashless transaction ,one can send or pay for goods at the comfort of your bed with transaction involving people miles apart. Its availability 24/7 round the clock allows users to make transactions anywhere anytime, making it easier to manage finances ,pay bills and make purchases.Additionally,cashless transaction comes with features like transaction history, automatic bill payments and budgeting tools ,making it easier to trace and manage funds for accountability purposes.

(3) Financial inclusivity
Digital transaction enhances inclusivity to undeserved populations by making banking services mores accessible to them. This has made people in rural and remote areas to have banking services access without need of presence of a physical bank, therefore leading to greater financial literacy and economic empowerment among previously excluded individuals and communities. 
(4) Contactless payment
Contactless payment methods i.e making monetary transactions without physical interaction with receiver or solid money such as Near Field Communication technology and mobile wallets, have been of great significance and help in curbing spread of micro infectious agents such as bacteria and viruses spread through one on one interactions or money as the vehicle to this pathogens, this was evident during the COVID-19 pandemic and hence became a contributor in preventing spread .
(5) Micro payments
Cashless transaction has allowed for transactions and payment of goods with their values not having a physical form of it such 7 shillings which may be hard to get coins for so. This is good and something grasped by online content creators and media influences to monetize their work per-views and per following.
(6) Enhanced Customer Experience
Many businesses offer loyalty programs, rewards, and personalized discounts through digital payment apps. This not only incentives customer loyalty but also provides a better overall shopping experience. Customers can receive targeted promotions and rewards based on their transaction history and preferences. This has gone to larger extent of supermarkets offering cards to their customers which in every payment made by the customer points are awarded to him/her which can be redeemed later with monetary value and used for purchases.
(7) Improve customer satisfaction
User friendliness is among some of most advantages of cashless transaction that cannot go unnoticed.With mobile wallets and cards,buyers no longer need to carry large wallets or worrying about having enough cash or currency to complete their purchases. They can simply turn their smart phones or chip cards over the device , scan 	QR codes or select PayPal on payment page to check the payment information they already have stored in their account.

(8) Makes businesses more profitable 
Digital transaction allows for more sells and buy so increasing profit margins and more income. Cashless methods such as mobile money and wallets, smart cards such ATM and QR codes allows payment to be accepted anywhere. For example, one is running his/her normal daily errands and comes across something he or she would want to purchase,with digital transactions and payments methods, he will go on to purchase it as compared with cash payment in which the individual might have been lacking at that time.

CONS of cashless payment
(1) Confidentiality and privacy concerns
With digital transaction, individuals personal information such as names, identification numbers and pins are out on display despite the promise on powerful encryption. This information can still be accessed by someone else including banks and business owners.this leaves one susceptible and vulnerable to cyber attacks and cyber bullying. Additionally ones money is still insecure and at risk of being stolen . With increased terrorism one can use the information to log in into government and militarily institutions with aim of launching an attack or accessing valuable information about plans and strategies .This first can primarily make the government and other institutions vulnerable to attacks and secondly predisposes one whose information was used without his knowledge to criminal prosecution.
(2) Over relying on technology
One evident thing with cashless transaction is its full dependence on technology for its functionality, hence a fail or or non- functioning technology renders cashless transaction useless. This means factors affecting technology and technological advancements also affects digital payment methods . this factors includes power shortages, inaccessibility of technology to certain areas due to poor infrastructure or underdevelopment in this areas and mechanical damages and mishap to this digital devices such as phone, computers and servers.All these maybe quite inconveniencing especially for those dependent on cashless transactions and may also hamper economies growth of a nation at large.

(3) Exclusion
While cashless payment can promote inclusivity especially for those with no access to physical banks or other tangible money transactions services, one notable risk of cashless payment that cannot go unmentioned is its exclusivity potentiality. With previous disadvantage on over reliance on technology, those without technological access can go not being considered to enjoy the goodies of cashless transaction. This can be due to  lack of civilization , those people living in areas not reached by modern man. Or in others ,illiteracy and language barriers can come in handy to render cashless payment non-achievable in some individuals. This includes those with no access to formal education and with no understanding to common languages used id digital devices and hence cannot run a digital cashless transaction.others with disabilities such as blindness can find it really hard to operate forms or computers and even those lacking arms due to congenital or medication purposes such as amputation. Without consideration, this groups can be excluded unintentionally leading to marginalization.
(4) Increased unemployment
With advancing technology and use of cashless payments, many workers who used to be working in banks or as security officers are laid off work. This is because with more cashless transactions occurring there is no further much need or even the physical money to transport. This worsens the employment status considering increased population with no job opportunities, secondarily unemployment will lead to other unfavourable things such as increased crime rates further worsening the status on a nation.

Conclusion
The transition towards a cashless economy presents a range of pros and cons that need to be carefully considered. While financial inclusivity, contact payment, micro-payment and increased sales are advantages in a cashless economy, factors such as financial exclusivity and security and private concerns are worth review and consideration. Policymakers and businesses must work to address these issues to ensure that a cashless economy is safe, inclusive and accessible to all members of the nation.Striking this balance is essential to harness the advantages of digital payments while mitigating their potential drawbacks.