One of the conspicuous vogue in status- quo is the colossal upsurge in cashless economy in majority of the countries. To what extent this advancement be fruitful for the denizens? This essay shall delve into multifarious advantages to using technology despite conventional cash.
To set the ball rolling, adequate record of each individual is a hard nut to crack unless technology supersedes the accounting of all the income and expenditure statements. Banks and revenue departments could clearly monitor any record through their system if the economy is thoroughly cashless; simultaneously preventing tax invasion and black money to enter the nation’s system. Besides, smartphone apps are designed specifically to serve reliability along with repaid boom. Bhim application, for instance , is sponsored by indian government.
Having looking at the pros, some trifle cons associated with non paper cash are as severe inconvenience for illiterate people as well as foe people living in remote areas; away from cash machines or banks ia an added drawback. Even though crimes like cash theft of money from stores, even pick-poketing has been dramatically lowered by usage of cash cards; whereas, hard cash provides such security.
In epilogue, in view of above outlined arguments, it is vivid that the boons of steaming towards a cashless economy eclipse its banes