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.
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.
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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:
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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.
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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:
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Pro and cons of cashless payments:
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The benefits of cashless payment:
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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:
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Future of money:
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All about the future of money:
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What the future of money looks like:
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Interested in investing in bitcoins? Here's a a complete guide to investing in bitcoins
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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.