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Checkless Society

Discussion in 'Traders Glossary' started by GlossaryEditor, Aug 15, 2015.

  1. GlossaryEditor

    GlossaryEditor Glossary Editor

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    A checkless society is a society in which most financial transactions would be done electronically. Paper checks and similar documents would not be used. This sort of society is still hypothetical, but is considered to be desirable by many major banks. Electronic money transfer is more convenient and easier than paper money transfer, and it is easier to track the movement of funds. This is useful both for buyers and for sellers. However, a number of individuals and groups oppose the checkless society concept, on the grounds that it allows for increased government surveillance and causes security risks, making crime easier for hackers and identity thieves. Some additonal opposition is due to religious reasons, since they feel that such a society is what is describe in the Biblical Book of Revelation.

    See also Cashless Society
     

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