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Pros and cons of cashless society.
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Pros.
1. Reduces risk of violent crime.
2. Reduces tax evasion.
3. Harder for criminals who rely on cash payments.
4. Quicker transactions and shorter queues.
5. Better hygiene.
6. Reduces worthless spare change.
7. Cash imposes cost on banks and firms.
Cons.
1. Many adults lack access to bank accounts and credit cards.
2. Privacy issues. Government gain more control over citizens.
3. Cash helps households manage finances.
4. Freedom to choose would be taken away.
5. Cash has intrinsic and emotional value e-cash doesn’t.
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1 Reply
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As the world is evolving, new technologies are coming and everything is going online whether it is education, business or the banking sector. Now a days people are moving to online platforms for transactions such as UPI, online banking or credit/debit cards etc. Indian Government is also coping with the changing trends and promoting cashless society. But there are pros and cons of everything.
PROS OF CASHLESS SOCIETY
If India become cashless than the revenue of government will increase which can be used for the upliftment of the society. Holding of black money with decrease and their will be less chances of tax evasion. The amount spent on printing currency will also be saved. Govt will get day to day record of transactions. One can pay anytime and anywhere without being physically present. Their will be no need of carrying cash everywhere and one will not worry about robberies.
CONS OF CASHLESS SOCIETY
While looking at the pros of cashless society one should consider its cons too. While it is positive that there will be no or less black money but people will find and alternative of physical black money. Crypto currency is something which can not be tracked and easily regulated. People will find other ways for tax evasion too. While for individuals chances of online fraud will increases. It will be difficult to survive in cashless society for people who are old and uneducated or people who don’t have the resources or connectivity. Government will need to make new rules and regulations for the cashless society. Their will be need to make new cells or departments for the same.
CONCLUSION
At last, cashless society have its pros and cons. If we want to move towards the cashless society we should observe its cons and try to find the solutions for the same. Or we can have a balance between the cash and online transactions while considering both pros and cons of each of them.