What does living in a 'cashless society' mean?

Living in a 'cashless society' refers to a scenario where financial transactions are conducted digitally rather than using physical currency like cash or coins. This means that instead of exchanging cash for goods and services, people rely on methods such as credit and debit cards, digital wallets, mobile payment applications, and online banking. The emphasis is on convenience and efficiency, as well as the benefits of keeping a record of transactions, reducing risks associated with carrying cash, and potentially lowering costs for businesses that handle fewer physical payments.

In this context, a cashless society fosters an environment where financial interactions are secured electronically. This trend is driven by advances in technology and a growing adoption of digital payment platforms among consumers and businesses alike, illustrating a shift from traditional cash usage towards more modern, electronic means of financial exchange.