Cashless means any transaction where the payments are made or accepted without the use of hard cash. This includes payment made via credit credit/debit cards, cheques, DD, NEFT, RTGS or any other form of online payment that removes the need for cash. A cashless economy refers to the economy where transactions are done using digital methods instead of using cash. The goal of cashless economy is to bring in effect 0% cash. It is easier said than done. However, the practicality of 0% cash is highly questioned and considered to be unattainable in the nearby future. A cashless economy will help in transparency at a negligible cost, brings in convenience, speeds up the transactions, environment friendly and so on. It also helps authenticate and formalize the transactions. It is also to be noted that along the advantages, it also has many demerits. For better understanding on the merits and demerits of cashless economy refer the presentation.

Abhijith S

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