Benefits of a cashless society

Its research finds that Thailand is moving away from cash and continuing to develop an electronic payment infrastructure to increase its competitiveness in the global economy. The six reasons explain why.
EMV technology prevents skimming: While cash may offer you complete anonymity from data thieves, EMV-enabled cards offer a more thorough form of payment authentication, providing an extra layer of payment security.
During each transaction, the EMV card sends a unique, transaction-specific cryptogram to the issuer, which can accept or decline the transaction in real time. This unique transaction code is also useable only during that particular point of sale, preventing thieves from using it during other transactions.
Under the Bank of Thailand’s recent policy to move Thailand’s plastic cards towards the microchip (EMV) standard to increase data security and avoid risks of skimming in automated-teller-machine cards, the central bank aims to eliminate magnetic-stripe cards by 2019.
Track and keep a record: All purchases on payment cards are recorded, allowing you to monitor your expenses made via your bank or card statements.
This safety feature comes in handy when you need to dispute or stop an unauthorised transaction.
Discreet payments: Imagine taking out a large, conspicuous wallet or fumbling through wads of cash every time you make a purchase. Not only is it cumbersome, but the jingling of metal and the rustling of paper makes you an attractive target for watchful thieves. Payment cards offer a more discreet way to carry large sums of money, making transactions quick and unnoticeable.
Cards are recoverable: Because of its anonymous nature, if you lose your cash, it’s gone. Payment cards can be cancelled and replaced swiftly and remotely.
Perks: Certain payment cards offer travel insurance covering personal accidents, lost luggage and travel delays. With travel insurance, you can travel with peace of mind knowing that both you and your money are covered.
Protection against lost or stolen cards: Accidents cannot be avoided entirely, which is why banks and payment-processing firms have measures in place to minimise the damage. If you think your card is lost or stolen, notify your bank immediately so it can take appropriate steps and secure your money.