Checkless Society

DEFINITION of 'Checkless Society'

A hypothetical term that embraces the notion of a world that processes all financial transactions electronically. This would eliminate the need for any kind of paper transaction, as everything would be done via computer. A checkless society is the ultimate goal of many major banks and lending institutions.

BREAKING DOWN 'Checkless Society'

The current transition to a checkless society has not been as fast and easy as many had anticipated. It has taken decades for many older customers to warm up to current automated services, such as ATMs and debit cards. Some even view a checkless society with apprehension, as this type of society is described in biblical prophecy in the book of Revelation.

RELATED TERMS
  1. Building Society

    A type of financial institution that provides banking and other ...
  2. Rate Of Adoption

    The number of members of a society who start using a new technology ...
  3. Diffusion Of Innovations Theory

    A hypothesis outlining how new technological and other advancements ...
  4. Plutonomy

    Economic growth that is powered and consumed by the wealthiest ...
  5. Industrialization

    The process in which a society or country (or world) transforms ...
  6. Anarchy

    The condition of a society with no government. Some people think ...
Related Articles
  1. Credit & Loans

    Why Cash Will Never Be Obsolete

    As long as the banking system remains strong and so many Americans remain unbanked, the United States will not have a cashless society.
  2. Economics

    How Currency Works

    Currency offers key advantages over economies based on direct trade. It provides sellers with a broader market for their goods and services, and provides a durable asset with which people can ...
  3. Savings

    Don't Get Ripped Off at the ATM

    As our dependence on automated teller machines rises, so do those nasty little charges for using them. Here are some tips on bypassing fees.
  4. Trading Strategies

    Pros And Cons Of Paper Trading

    Most market novices should paper trade for a considerable amount of time, despite key drawbacks.
  5. Investing Basics

    Understanding Notional Value

    This term is commonly used in the options, futures and currency markets because a very small amount of invested money can control a large position.
  6. Economics

    Understanding Conflict Theory

    Karl Marx advanced conflict theory, which claims society is in a state of perpetual conflict due to the competition for limited resources.
  7. Credit & Loans

    How Debit Cards Work

    Unlike credit cards, debit cards rely only on the funds available in the user’s account, so they do not let users borrow on credit. They frequently come with purchase limits, and using one at ...
  8. Investing

    New Monopoly Edition Ditches Paper Money (HAS)

    Hasbro's latest version of Monopoly speeds up the classic game and reflects our movement towards a cashless society. It will still probably end friendships over the "free parking" rule, though.
  9. Savings

    How Foreign Transaction Fees Work

    Using a credit card when you travel can be costly. Here's what you need to know about foreign transaction fees – plus tips on making purchases abroad.
  10. Entrepreneurship

    Best Checking Accounts For Small Businesses

    What you need to know to choose the best checking account for your small business – and where to look.
RELATED FAQS
  1. In what types of societies does limited government work best?

    See what a society needs to function with a limited government, and how social cooperation can be achieved through voluntary ... Read Answer >>
  2. What is the Mont Pelerin Society?

    The Mont Pelerin Society was formed in 1947 when economist Friedrich von Hayek invited 39 people to meet at Mont Pelerin ... Read Answer >>
  3. Why do most economists favor capitalism?

    Learn more about how capitalism works and why it is a popular system among economists throughout the world. Read Answer >>
  4. What is the difference between notional value and market value?

    Learn more about the notional and market value, how to calculate the notional value of a futures contract and the difference ... Read Answer >>
  5. What are some of the drawbacks of industrialization?

    Learn about the major drawbacks of industrialization, such as environmental damage, income inequality, overcrowding of cities, ... Read Answer >>
  6. What happens when my bank account is debited?

    Understand the process that takes place when your account is debited. A debit to your account happens when you use funds ... Read Answer >>
Hot Definitions
  1. Physical Capital

    Physical capital is one of the three main factors of production in economic theory. It consists of manmade goods that assist ...
  2. Reverse Mortgage

    A type of mortgage in which a homeowner can borrow money against the value of his or her home. No repayment of the mortgage ...
  3. Labor Market

    The labor market refers to the supply and demand for labor, in which employees provide the supply and employers the demand. ...
  4. Demand Curve

    The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity ...
  5. Goldilocks Economy

    An economy that is not so hot that it causes inflation, and not so cold that it causes a recession. This term is used to ...
  6. White Squire

    Very similar to a "white knight", but instead of purchasing a majority interest, the squire purchases a lesser interest in ...
Trading Center