Answer to Question #253673 in Macroeconomics for Harsha S

Question

Do we need cashless transactions? What are the modes of cashless transactions?

Answer 1

Do need. Going cashless reduces the hassle of drawing cash and frees from the tension that whether cash-in-hand is sufficient to make a payment or not. With cashless and digitized payment system it has become more efficient and convenient for the masses. This also speeds up the process of the financial transaction.

In cashless transactions, payments are made or accepted without the use of hard cash. This includes payments made via credit/debit cards, cheques, DD, NEFT, RTGS or any other form of online payment that removes the need for cash.