ELI5: Explain Like I'm 5

Cashless society

A cashless society means that people don't use physical money like coins or paper bills to buy things. Instead, they use something called electronic money. This is like a toy money that you can't see or touch.

To use electronic money, people need to have a special card or a phone. It's like a magic wand that you swipe on a machine to pay for things you want to buy. Just like when you use a magic wand to make something happen in a book or movie.

When you buy something with electronic money, it goes from your bank account to the seller's bank account. This happens very quickly and easily without having to touch any money.

The reason some people want a cashless society is because it can make things faster and easier. People don't need to carry around heavy bags of coins or be afraid of losing their cash. And stores don't need to count their money and keep it safe.

However, some people don't like the idea of a cashless society. They worry about privacy and security. If all of their money is electronic, someone could steal it without even touching them. Plus, some people like being able to buy things anonymously without anyone knowing what they're buying.

Overall, a cashless society might happen in the future, but people still have different opinions and worries about it.