Answer to Question #266530 in Microeconomics for Santosh

Question #266530

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

Expert's answer

Yes, need. Cashless payments eliminate several business risks at a time such as theft of cash by employees, counterfeit money, and robbery of cash. Moreover, it also reduces costs of security, withdrawing cash from bank, transporting, and counting.

A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties.

Top 5 Payment Methods for Cashless Transactions