Cashless vs Cash-based Economy – What are the Pros and Cons of such economies how do they effect the citizens of the country?
Cashless economy refers to an economy in which flow of cash takes place through digital modes of transactions including credit and debit cards, instead of cash. This also include electronic transfer technology methods such as IMPS, NEFT and REGT, and Mobile wallets.
While there are several benefits of being a cashless economy, some experts reckon that cash could never be fully eliminated as a mode of transaction in a society. The primary reason is that cash instills confidence among consumers Read more [...]