Cashless societies are where minimal or no use of physical cash is required. It is the best way to provide transaction transparency for the Governmental Authorities. Now one does not have to carry their cash everywhere, they just need a phone with active internet and can pay money anywhere in the world.
There are huge numbers of advantages that cashless means provide, Low crime rate, No stealing of money. It can be used to stop illegal works like drug selling. For example, one can not pay to a drug dealer as all the transactions are supervised by the government. It saves the tree as no use of real cash. No headache of transaction internationally. Paytm and other trustworthy payment companies use Government generated id to ensure that transaction is done without any worries.
A cashless society will suppress poor people who do not have any smart gadgets. It will outrage the privacy. Some people don’t want to disclose where they spend their money. In underdeveloped and developing countries where internet connectivity is still not that widely available. E-Payment can not be used where there is slow internet. Glitches and a website down can result in time waste where there is an urgency to pay the money. Hackers are the termite for the cashless society. They can trace and edit your payments. Fake calls and messages for the OTP and card number might use the information to withdraw all the money from your account.
Therefore cashless is a good option if we want our society to be without any black money. But in countries like India, there is still a need to develop for it. Authorities need to work hard to spread enough information about it in society. It will be a boom if used properly.
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