Pros.
1. Reduces risk of violent crime.
2. Reducing 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 costs on banks and firms.
Cons.
1. Many adults lack access to bank accounts and credit cards.
2. Privacy issues. The government gains 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.
Pros and Cons of Cashless Society.
As the world is evolving, new technologies are coming, and everything is going online, whether it is education, business, or the banking sector. Nowadays, people are moving to online platforms for transactions such as UPI, online banking, or credit/debit cards, etc. The Indian Government is also coping with the changing trends and promoting a cashless society. But there are pros and cons to everything.
PROS OF CASHLESS SOCIETY
If India becomes cashless, then the revenue of the government will increase, which can be used for the upliftment of society. Holding of black money with decrease, and there will be fewer chances of tax evasion. The amount spent on printing currency will also be saved. The government will get day-to-day records of transactions. One can pay anytime and anywhere without being physically present. There will be no need to carry cash everywhere, and one will not worry about robberies.
CONS OF CASHLESS SOCIETY
While looking at the pros of a 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 an alternative to physical black money. Cryptocurrency is something that can not be tracked and easily regulated. People will find other ways for tax evasion too. For individuals, the chances of online fraud will increase. It will be difficult to survive in a cashless society for people who are old and uneducated or people who don’t have the resources or connectivity. The government will need to make new rules and regulations for the cashless society. There will be a need to make new cells or departments for the same.
CONCLUSION
At last, a cashless society has its pros and cons. If we want to move towards a cashless society, we should observe its cons and try to find solutions for the same. Or we can have a balance between cash and online transactions while considering both the pros and cons of each of them.
– Written By Khushi
