Cashless Economy

Cashless Economy

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  CASHLESS ECONOMY Made By MihirPillai Piyush Bothara Sadik Hussain Raja Sharma Shubham Shah Sandeep Mishra Uttam Kumar
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   A CashlessEconomy is a system where any type of money transactions are done through digital means like debit cards, electronic fund transfers, mobile payments, internet banking, mobile wallets and other newly evolved payment channels, this will leave very little scope for flow of hard cash in economy. Cashless Economy
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   To avoidBlack Money Transactions  The transaction process and purchase will be made easy.  It helps to eliminate counterfeit currencies.  If the government finds a person guilty, government can easily block his/her transaction.  More transparency and easy to track money laundering and other such activities.  The government can control financial transactions in the society.  It helps to avoid time consuming.  It helps to reduce illegal business.  It is easy to handle Why a Cashless Society?
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  1) Faster transactions:With the cashless system, typically three times more people can be served using a cashless system than could have been if they were paying cash. No need to stand in queues, outside ATMs, no cash out during long holidays, no waiting for a deposited cheque to be credited, and no risk of carrying currency notes in the wallet. 2) Increased Sales: It has been demonstrated that with the introduction of a cashless system can increase sales by as much 20%.Vending and Catering purchases are often dictated by the amount we have in our pockets. With the introduction of a cashless system this is never a problem; the value on the card is available 24 hours a day, 7 days a week. Advantages of Cashless Economy:
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  3) Cash collection- made simple : Time spent collecting, counting and sorting cash costs money. The cashless system offers a choice of top-up options including Payroll deduction, Credit & Debit card and Coin & Note. Removing all the cash from your site removes the security issues relating to cash handling significantly and reduces the risk of vandalism and theft from your vending and catering points of sale. 4) Reduces Cash in Circulation: A cashless system prevent too much of cash in the circulation thereby curb armed robbery cases and cash related crime.
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  1) The biggestdisadvantage of the cashless economy is that not everybody has the knowledge of doing digital transactions and hence its reach is limited to urban and semi-urban centers only and therefore it is very difficult to implement cashless economy in the big country where many sections of the society in rural areas is illiterate and poor. Hence the lack of proper infrastructure and education among citizens is disadvantageous as far as the cashless economy is concerned. 2) Another disadvantage of the cashless economy is that although it easy to do digital transactions but at the same time it is very risky as compared to cash related transactions. Hence people having half knowledge of digital payments are exposed to cyber fraud and losing their hard earned money to online scam and hacking of bank accounts and hence it is better to do cash transactions rather than doing digital transactions if one is not fully aware of the online medium of transactions. Limitations of Cashless Economy:
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  3) Another demeritof the cashless economy is that digital mode of payments like the credit card, wallet payments, internet banking involves some transactions fee which is not the case with cash transactions and hence any individual thinking of doing online transactions will take into account these transaction costs and will not favor online medium of transactions. Hence the presence of transaction cost is a hindrance to cashless economy finding acceptance among the people of the country.