A"cashless society" is one where people use Debit/Credit cards and other forms of payment instead of cash. Do the advantages of a cashless society outweigh the disadvantages.

Ever since the introduction of cash, it

had

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has

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played an important role in human lives. Technological advancements and globalization introduced new methods of

payments

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payment

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such

as Debit cards, Credit Cards, UPI payments, NEFT and RTGS. These innovative inventions come with both advantages and disadvantages. I will discuss the opposite sides of the same coin in the following paragraphs.

To begin

with, the advantages of having a "cashless society" are many.

Firstly

, it reduces the difficulty

in

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of

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carrying cash. It is very risky to carry cash each time a person goes out.

For instance

, if too much currency is carried by a person there are high chances of theft or robbery.

Secondly

, it’s easy for the government to track the movement of currency.

This

reduces the chances of citizens using the illegal currency for illegal activities.

On the contrary

, there are many demerits associated with using cards. The most common problem associated with

this

type of payment is online fraud. Nowadays, online frauds are an increasingly common method of robbery.

For example

, fraudsters will make payment using some other's card and will ask for one-time passwords, the old or illiterate people unaware of the fraud will provide it and

ends

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end

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up losing the hard-earned money.

Additionally

, to broaden the base of the cashless society, most people should be good with technology which is not so in many countries. In conclusion, becoming cashless brings in just a few disadvantages, but if people stay more conscious, they can avail themselves of a plethora of its advantages.