Answer to Question #259673 in Microeconomics for Ms joe

Question

Do we need cash less transaction?what are the modes off transaction

Answer 1

Yes, we need cashless transactions. When payments are made via cashless transactions, we eliminate the need for hard cash in acknowledging payments. Any form of online transaction, that eliminates the need for hard cash passes as a cashless transaction. 

We need cashless transactions since they are secure, fast, eliminate corruption, create budget discipline, we can track transactions, convenience-ease of payments. 

The most popular modes of cashless are online transfers such as RTGS, mobile wallets, gift cards, demand drafts, credit cards, and cheques.