Challenges For Cashless Economy

Essay On Cashless Economy For Students In Easy Words – Read Here

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By essayavenue

The cashless economy is the technique of transferring the economy electronically as this method is used for transferring the money with electronic gadgets such as mobile or any other electronic gadget through which money can be transferred. Mostly this transferring of money through the electronic gadget is being used by many of the countries, and this transferring of money is a useful method that has been organized by the government of every country. By this method, it is useful to run an economy in government in a secure manner.

Advantages Of Cashless Economy

There are many advantages of these cashless economies as money of people could be getting transferred at one time within a second and then there would not be an issue of money transferring. As when we see that when people transfer money from hand in hand cash there are many problems between them and their are also many problems of the notes and some notes are torn or something written on the noted and because of this it creates many problems and through cashless economy that would not get any problem as the money could get transfer easily online. Because of this cashless economy, many issues of the black money also could get solves as there are much black money and corruption that has been done by the people by the cash economy and because of this and to stop the cash corruption some many countries have adopted this transfer method.

Types Of Payments

By doing this transfer method of the cashless economy, many countries have done a good job for the economy of the country, and the transferring of this many countries have developed many transfer methods such as through mobiles, net banking, plastic methods and many of those. For the mobile transferring money many mobile transferring apps has been developed by the engineers of those countries such as in India as this method of online transfering has also been adopted there are mobiles apps such as Paytm,mobile wallet so by  this the money in India could be get transferred easily at one time within a second and also in other countries this method has been used of mobile transferring such as PayPal through these people transfer money from one mobile phone to another within a second. This Paypal method is used worldwide, but the Paytm transferring method is only used in India.

Another transferring method is the plastic money transferring methods such as through the plastic such as credit card and debit card through which the money can be transferred easily we can use this cards at any restaurants or at any places where there is use of cards so by this when we are cashless, and we have no money with us we can swipe the card and through this our money could get easily transfer from our Bank account to their bank account. This cashless transferring money method is very much useful. In this is the method that has been used by many people nowadays and so because of this there is no mostly problem of corruption in India.

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