It will be impossible to track their money or show that it is theirs once it has been removed from their wallet and placed in a criminal’s wallet.
Similarly, in a cashless society, financial crime should disappear. Cash is commonly used in unlawful activities, such as illegal gambling or drug trafficking, because there is no record of the transaction and the money is easier to launder.
If the source of the money is unknown, money laundering becomes much more difficult. When every payment people get is recorded, it is more difficult to hide income and evade taxes.
Furthermore, going cashless is thought to be more than just handy. Printing bills and minting coins both cost money.
Businesses must store money, obtain more when they run out, deposit cash when they have an excess of it, and in some situations, pay firms to transfer cash safely.