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2-min read

Why Going Cashless Could Be the Next Best Thing for Everyone

While in some countries, technology has a lot of catching up to do, it is clear that with the right systems in place and a population that's educated on how to get the most out of it, cashless transactions are really the most convenient future solution.

Updated:April 30, 2019, 3:07 PM IST
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Why Going Cashless Could Be the Next Best Thing for Everyone
While in some countries, technology has a lot of catching up to do, it is clear that with the right systems in place and a population that's educated on how to get the most out of it, cashless transactions are really the most convenient future solution.
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A fully functional cashless economy has already moved well out of the realm of fiction and into the real world. And while we have a long way to go before becoming truly cashless, using cash for everyday transactions is slowing down rapidly. Demonetisation was only the first of many steps into the future of finance. This trend can be seen across the globe and even in large countries like Sweden. As the first European country to adopt banknotes in 1661, it is now working on introducing its own digital currency as soon as 2021. Maybe the fact that cash accounts for a measly 2% of all transactions here is the key trend for us to pick up on.

Cash is clunky, unyielding and not very conducive to the lightning quick transactions we would expect from our financial services. Rising cost of infrastructure and banking fees might be contributing factors but the truth still remains that a revolution is on the horizon and here’s why it could be the best thing to happen to us.

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Photo courtesy: Ales Nesetril

Convenience

While in some countries, technology has a lot of catching up to do, it is clear that with the right systems in place and a population that's educated on how to get the most out of it, cashless transactions are really the most convenient future solution. The cost of maintaining and accounting for cast is high and with a cashless society, not only can all this be automated but it can also become more efficient.

Lower Possibility of Crime

While online theft and scams are bound to get more sophisticated it is far easier to fight back with software and systems virtually than trying to catch petty thieves and pickpockets who want to get their hands on your money.

Cost Effective


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Photo Courtesy: Bitcoin BCH

Physically producing and transporting money is very expensive. Not only is paper and metal currency expensive to produce, it also has a short lifespan. Digital currency is easier to manage, produce and monitor in the long term.

Better Monitoring

When people start paying their bills, shopping and counting on electronic transactions for all their daily activities, the chances for black money to slip through the cracks is minimal. Vendors are able to better authenticate and verify purchases which leads to higher trust, better business and a burgeoning economy.
Going cashless provides a lot more benefits to society and embracing it as the preferred option can mean we move into the future with lighter pockets but richer balances and economies.

To know more, click here.

This content has been created in association with YONO SBI
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