Cashless Society / Economy
Why a cashless society is a good Essay
Introduction
A cashless society or economy is one in which financial transactions are conducted electronically, without physical currency or cash. Instead, for example, Paytm wallet. Electronic payment methods such as credit cards, digital wallets, and bank transfers are used to make purchases and conduct financial transactions.
A cashless society describes an economic state whereby all financial transactions are done using cards or digital means.
The circulation of physical currency is minimal. Such a concept has been discussed widely, particularly because the world is experiencing a rapid and increasing use of digital methods of recording, managing,
And exchanging money in commerce, investment, and daily life in many parts of the world, and transactions that would historically have been undertaken with cash are often now undertaken electronically.
Some countries now set limits on transactions and transaction values for which non – electronic payment may be used.
How Can We Do This?
We might wonder how a cashless economy is possible when money is the major source to run day-to-day life. Well, such an economy might have been a bad dream if it was planned to be implemented a century ago.
We now live in a world where the Internet has taken over everywhere. Wherever we go, we carry our Debit Cards and Credit Cards. If we were to apply the concept of a Cashless Economy keeping in mind the age-old practice of seeing Money as a paper, maybe the Cashless Economy would sound like a pointless scheme.
But when we think of such an economy with the appliance of today’s technology where no liquid money is used, the whole idea of a Cashless Economy can be understood.
Advantages of a Cashless Economy
A cashless economy will allow less tension in tackling a wallet full of notes along with us, which is not at all safe in a world full of anti-socials.
We can rather use our mobile as a one-stop solution for all kinds of transactions such as bill payments, fee payments, funds transfers, recharge, etc. Crime rates will be diminished due to the cash ban as most of the terrorist activities are funded with black money. In addition to this, other crimes such as burglary, extortion, bank robbery, etc. will also decline.
One of the biggest advantages is the increase in the span of the income tax.
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