Advantages and disadvantages of cashless transaction in India, Advantage and disadvantages of cashless economy, Advantage and disadvantages of cashless economy policy, Advantage and disadvantages digital payment and transactions system electronic banking ewallet wallet payments
Advantage of cashless economy policy: Transfer money through electronic banking, online Transaction and mobile banking without using physical cash.
Advantages of cashless policy.
Ease of cash transactions : Easy to transfer the money on one Click digital payment and transactions system, through any banking app, through online Website, ewallet for any time, Easy to Online shopping with debit card and credit card.
Enjoy discounts, Cash backs and lucky draws offer: Number of website, bank and company provide the coupon, cashback, discounts lucky draws offer plan on online Shopping, Online Hotel Booking, online Payment, Used credit card like HDFC, SBI and other private sector bank and public sector bank
No need carry cash or plastic currency Notes: Buy, pay without having to carry cash currency
All online and bank transactions are recorded and you can easily manage the manage money in bank and check the all transactions detail any time
Modernisation of the payment system.
Promote transparency and accountability.
Disadvantages of cashless policy.
Biggest Problem, not everybody has the knowledge of doing online payment, digital transactions, electronic banking, ewallet such as urban rural areas
2nd Biggest Problem is lack of proper infrastructure and education.
Let say if I am driving a bus or a car and unfortunate made an accident.The people around me without taking me to the hospital will rather check my pocket to find out any kind of cash cards or mobiles that they can use it for their own benefit
By which they can do online shopping.
By Which they can do transfer the money one account to another account
Risky for Ethical hackers, online scam and cyber security system, digital mode of payments like the credit card, wallet payments, internet banking
In Case systems go down, technical Problem in telecom network, internet, hardware failure etc So you can not transfer the money. So in your waste of time and energy and may be loss for business and buyer seller side