Cashless Economy” refers to the physical stream of national exchange being replaced with the digital platforms such as online transactions, the introduction of plastic cards, Internet banking, etc. (Praseetha et al., 2019). There is a requirement to move out of the cash and enter the new cashless world. With physical payments, the risk of a data breach is slim. Conversely, cashless payments can take days or even weeks to process. Earning immediate revenue with cash also eliminates the risk of fraud or chargebacks on those transactions — risks that are always present with cashless transactions. Going cashless reduces the hassle of drawing cash and frees from the tension that whether cash-in-hand is sufficient to make a payment or not. With cashless and digitized payment system it has become more efficient and convenient for the masses. This also speeds up the process of the financial transaction.

S Sai Hrishikesh

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