Advantages and disadvantages of cashless transactions

Abstract

Electronic payment methods, which enable the exchange of goods and services without the need for real cash, have been made possible by technology advancements. The government and the RBI are working to promote digital payment methods, such as prepaid cards and instruments, in an attempt to decrease the amount of cash used in the economy. The RBI is working to promote these innovative forms of payment and settlement services in order to help society become "less cash" oriented. Most consumers are hurrying towards cashless transactions since they have limited cash on hand and an endless crunch ahead of them. Better accountability, scalability, and transparency are brought abo take virtual currency. Perhaps money isn't king anymore.