Casheless Economy

1. What is cashless economy?
This type of economic system is based on transactions
made through credit card, debit card, digital wallets and
modes. Limited amounts of cash transactions take place in
cashless economies.
In this type of economy, the electronic representation of
money is encouraged over transactions by coins or
physical notes.

2. Benefits of cashless economy
1.Reduces the circulation of cash. This will significantly reduce
the cost of printing banknotes and minting coins.
2.A cashless economy doesn’t lead to money laundering. Black
money or the black economy cannot last long.
3.Electronic gadgets are easier to handle and carry than cash. A
person can not always carry cash with them, while smartphones
are easy to carry.
4.Theft are reduced to almost zero when using e-money in the
economy.

3. Should the government move to a cashless economy?
Cash is an expensive aspect for the Government.
 The country needs to move away from cash- based towards a
cashless payment system which might reduce currency
management cost, transactions can be tracked, to check tax
default and to integrate the parallel economy with main stream.
So, the government should move to cash less economy.

4. Disadvantages of cashless economy:
Since a cashless economy is very straight forward, it
can lead to over spending of money.
Chances for corruption.
Economic disparity.
Cyber crime.
Less privacy.

5. THANK YOU