Essay on Cashless Economy: In this era of technology when every one is using smart phone online transactions has become very popular. So essay on cashless economy is one of most important essay topics for all exams. Here we have written essay on cashless economy for all of you. Lets see essay on cashless economy.

Essay on Cashless Economy

When we look behind few years back, we can see that money was not only means of exchange. Many physical things were also used for exchange. Presently, physical form of money is frequently used for exchange in great extent, however we have entered in 21st century and started using and trading in digital currencies like bitcoin, etherium, etc. Highspeed internet has also reached in most part of the country. Most of the banks and financial institutions are providing online transaction facility. Then why still we are frequently doing transactions in cash. It is time to promote cashless economy, maximize online transaction and minimise cash transaction which is beneficial for economy as well as for individuals. Today in this essay on cashless economy we will learn what is cashless economy? What are advantages and disadvantages of cashless economy and much more.

What is cashless Economy?

Cashless Economy refers such economy and society where money is used without its physical presence. It is transferred or used through electronic mediums such as NEFT, RTGS, UPI or using some transaction instruments like Cheque Demand Draft (DD) etc. which doesn't require physical money. Money only moves from a person's account to other account and the purpose is served. Download PDF of this Essay: Click Here.

Advantages and disadvantages of cashless economy

There are numerous advantages of cashless economy including time saving, security, high return, fastest transaction etc. If you have to pay one lakh rupees in cash to anyone then you have to count it and the person whom you give the cash will also count it and maintain record which will consume lot of time but while in online transaction, in just one click money will be transferred and credited in recipient account. It also maintains automatic statement of receipt and send which saves lot of time.

Earlier when you have to send money to long distance, you have to carry that money with you which was also dangerous due to probability of robbery etc. while in online transaction you can send money anywhere across the world and anytime in just one click.

Physical form of money does not generate return while if the money remains in bank it generate income everyday. Promotion of online transaction and disallowing cash transaction are also beneficial in preventing corruption.

However there are lots of advantages of cashless economy but there are some disadvantages also. In this age of technology, online fraud has become common. If someone not doing online transactions cautiously, they can lost all their money which is great financial security concern. In addition to this in some areas of the country people are not using online mode of payment frequently as they are not enough educated and afraid of cheating.

Cashless Economy: Conclusion

We are living in 21st Century with high speed internet technology where arrival of artificial intelligence replacing human with machines. This shows our advancement but some of us do not want leave our comfort zone of using cash. As we are welcoming every new things, we should fully welcome cashless economy which is beneficial for all of us. However, most of us has already creating and promoting cashless economy, it is time to make it fully secure, fastest, comfortable cashless economy.

Hope you liked this essay on cashless economy and it helped you in your exam preparation. This essay on cashless economy is very usefull for all competitive exams.

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