Cashless Society: The Potential Decline of Cash Usage

  • 4th Mar'21
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The entire country witnessed the outcomes of demonetization. The idea behind switching to a cashless economy left many people in confusion. 

The society is going cashless and with time cashless transfer is soon becoming the most preferred option. There are a number of benefits of going cashless. Going cashless not only eases one’s life but also helps authenticate and standardize the transactions performed.
 

Must Read: 5 crypto investment mistakes you should avoid in 2021


Cashless Society

The digital or electronic transaction of the money by using net banking, credit cards etc are called cashless transfer.

Whereas, a cashless society defines an economic state whereby monetary transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information between the transacting parties.

Visit the links to know all about a cashless society.

Fact check about cashless society:

A cashless society isn't imminent and wouldn't mean the total end of cash. To read more about this fact check, Click here

Pros and cons of cashless society:

To know about the Pros and Cons of Moving to a Cashless Society - Click here

All about cashless society:

To read upon the Definition Of what a Cashless Society is, Click here

Cash-free society:

To know how our Cash-Free Future Is Getting Closer, Click here

New cashless society:

This new norm of a cashless society can exclude the less fortunate. Here’s how our newly cashless society harms the most vulnerable - Click here

 

 

Cashless Payment Benefits

A cashless society is naturally convenient. It comes with a long list of advantages. Cashless payment allows easy and hassle-free transactions. Also, it involves no threat of theft of money. In a normally functioning system, comfort will be unparalleled.

It helps individuals to easily pay their bills online, shop and schedule transactions and manage all the finances using their laptops or smartphones.

Read the links to know all the benefits of cashless payments.

Advantages and disadvantages of cashless payments:

Here are the advantages of cashless payments and the pitfalls you should beware of - Click here

Cashless payment benefits:

To read more about on whether cashless payments are good for business or not, Click here

Pro and cons of cashless payments:

If you are deliberating upon the Pros And Cons Of A Cashless Society,Click here

The benefits of cashless payment:

To know about the socio-economic benefits that cashless payments offer to countries, Click here

 

Also Read: Dreaming of becoming a bitcoin billionaire?

 

Future of Money

In the coming times, the future of money might be a digital version of the cash that's already in people's wallets—potentially upending the money system that the world has known for many decades.

The future of money is cryptocurrencies and digital money at large. But for cryptocurrencies, a fully generated and created promised benefits increasingly clear that incumbent institutions must be brought into the conversation.

Refer to the links below to read all about the future of money.

Future of money - a world without cash:

To know what a world without cash and the future of money withholds, Click here

Future of money:

Wondering what the future of money is? To know about it, Click here

All about the future of money:

To know what the future of money holds - Click here

What the future of money looks like:

To find out more information on what the future of money looks like, Click here

 

Interested in investing in bitcoins? Here's a a complete guide to investing in bitcoins

 

We, at OpenGrowth, are committed to bringing the latest trending startup ideas around the world. Do let us know if you want us to cover a particular topic.

 

About the contributor: Sareen Yasmin

Her passion includes creative writing, reading and playing around words. She is looking forward to bringing some change with the power of pen and thoughts. Mic and pen are her best friends.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Akanksha Singh (Editor) , OpenGrowth Content Team

The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups.


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