Cashless Society/Economy
Introduction
A cashless society describes an economic state whereby all the financial transactions are done using cards or digital means. The circulation of physical currency is minimal.
Such a concept has been discussed widely, particularly because the world is experiencing a rapid and increasing use of digital methods of recording, managing, and exchanging money in commerce, investment and daily life in many parts of the world, and transactions which would historically have been undertaken with cash are often now undertaken electronically. Some countries now set limits on transaction sand transaction values for which non-electronic payment may be legally used.
How Can We Do This?
We might think how a cashless economy is possible when money is the major source to run day to day life. Well, such an economy might have been a bad dream if it was planned to be implemented a century ago.
We are now living in a world where Internet has taken over every place. Wherever we go, we carry our Debit Cards and Credit Cards. If we were to apply the concept of Cashless Economy keeping in mind the age old practice of seeing Money as a paper, may be the cashless economy would sound like a pointless scheme. But when we think of such an economy with the appliance of today’s technology where no liquid money is used, the whole idea of Cashless Economy can be understood.
Advantages of Cashless Economy
A cashless economy will allow less tension of tackling a wallet full of notes along with us, which is not at all safe in a world full of anti-socials. We can rather use our mobiles as a one stop solution for all kinds of transactions such as bill payments, fees payments, funds transfer, recharge etc.
Crime rates will be diminished due to cash ban as most of the terrorist activities are funded with black money. In addition to this, other crimes such as burglary, extortion, bank robbery etc. will also decline.
One of the biggest advantages is the increase in the span of the income tax.
