How does a cashless system benefit the economy?

[Iboro]

There have been severe attempts to implement the cashless policy in my country. I heard that a cashless society benefits the economy and helps it to grow.

I want to ask, how does a cashless system benefit the economy?
[automerge]1676525513[/automerge]
I think a cashless system reduces the cost of printing currency notes and coins. With that, it could help the government and the economy save costs.

 

[Salt]

Cashless helps in eliminating the risk of fake currency notes and also the printing cost and makes it easier for everyone and for government, to track all the payments.

 

[Kane]

I see two-three benefits, one, the cost of printing banknotes will reduce, two, there will be no issues of counterfeit banknotes, and three, the transactions can be properly recorded

 

[arunima]

Digital transactions increase the transperancy. It is also easier to be tracked. Moreover, cashless economy saves from the cost of printing and also from the illegal use of fake currency. More and more government are pushing for digital transactions.

 

[Salt]

Digital transactions increase the transperancy. It is also easier to be tracked. Moreover, cashless economy saves from the cost of printing and also from the illegal use of fake currency. More and more government are pushing for digital transactions.

Very well said and this is why our Government has been pressing us to go cashless from years and most have started to prefer online payment options

 

[Good-Person]

Cashless helps in eliminating the risk of fake currency notes and also the printing cost and makes it easier for everyone and for government, to track all the payments.

I think that it also helps get rid of the issue of currency notes that have a really poor condition as well. It can help that as well.

 

[Salt]

This is why our government promoted us to use online banking and mobile banking so that we can become a cashless economy

 

[Good-Person]

This is why our government promoted us to use online banking and mobile banking so that we can become a cashless economy

Mobile banking and usage of electronic payment systems is also becoming incredibly popular in our country as well.

 

[Salt]

All this helps and this does not even take time so we are saving time and helping our economy to grow

 

[Bisolami]

Cashless helps in eliminating the risk of fake currency notes and also the printing cost and makes it easier for everyone and for government, to track all the payments.

This is true
A lot of people spend fake notes and cashless policy will reduce it but some people do fake transfer too.

 

[Salt]

This is why it's important to adopt the system of cashless economy and we can save time and even our economy from the circulation of these fake notes and more other problems