The Need for Cashless Transactions

Ever since the Government of India took the bold move to demonetise Rs 1000 and 500 currency notes, we have often been hearing the word “cashless”. The word ‘cashless’ means to use online transaction mediums to as much as possible. It simply means paying bills and cost of goods by debit or credit cards. People can also use net banking or mobile apps that facilitate online transactions. The Government has also introduced an app for the same purpose. But quite a few people still ask the question, why should one switch to cashless transactions?
There are many benefits of cashless transactions. People can stop carrying cash while buying anything as they can pay through phone-banking. Bills can be auto-debited through your bank accounts by giving standing instructions to your bank. The amount is always deposited in the account of the beneficiary so it becomes easy for the Government to track transactions and reduce corruption. Customers can trace their history of expenses as all of them are digitally recorded. People can also deposit or transfer any amount whenever they want. They need not stand in long queues at the bank or outside to pay their bill payments. This saves a lot of time.

Cashless transactions also help in saving trees as the reduction in cash transactions will lead to less manufacturing of paper and decrease in cutting down of trees.

Thus, as we can see, there are many significant positive effects of cashless transactions. Everybody has to accept the change willingly. The responsibility of the young generation increases here as they have to teach to the elderly people and help them adapt to a cashless lifestyle.