Answer to Question #260347 in Microeconomics for Glory.s

Question

Do we need cashless transaction.?what are it's transactions

Answer 1

Going cashless not only makes life easier, but it also helps to authenticate and standardize transactions. This aids in the reduction of corruption and the flow of illicit money, resulting in increased economic growth. The amount of money spent on printing and transporting cash notes is lowered.

Payments are made or received without the use of hard cash in cashless transactions. Payments made through credit/debit cards, checks, DD, NEFT, RTGS, or any other type of online payment that eliminates the need for cash fall under this category.