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Advantages and Disadvantages of Cashless Payment Modes
Cashless society is a society where the payments are made through Credit and Debit cards , Internet banking , various applications like- paytm , phonepe etc. There is a curtailment of carrying physical banknotes since people restrict themselves to cards. The utmost digitalization has affected every person and there is a move towards a cashless economy in India. Cashless India is a great mission launched by Government led by Prime Minister Narendra Modi in order to minimize the dependency on cash.
There are various advantages of going cashless and one of the most significant is that people need not carry bulky wallets or purses with them. These days, even the smartphones have e-wallet processed in them. People can pay through net banking and paytm by using their smartphones. In the case of credit and debit cards , it has been observed that that i case of theft or loss , immediate intimation can be made to bank and it can be cancelled. Whereas , if a person loses wallet full of money , there is little or no hope of getting it back. In case of cashless payments , it is easier to track the black money and illegal transactions since digital transactions enable to keep a track of how and where the money is being spent. This results to transparent transactions. More importantly , Cashless modes results in increase in tax revenue for the Government which in turn helps the Government in tracking all transactions and it leads to betterment of society.
The digitalization has brought disadvantages with the ease of making cashless payments. Since the knowledge of digital transaction is not so common among people and is limited to urban centers , hence , it becomes difficult to implement cashless modes. The illiteracy and poverty are major factors which disable people to use these technologies. Also with the use of the cards , people are buoyant in spending and end up buying things which they do not even require. The risk which is involved in the digital transaction is lofty since the rising cyber fraud and hacking of bank accounts is common. One of the additional burden added upon people with the use of the cards and internet banking is the fee which is attached to it. Online transactions involve some cost and it may serve as a hindrance to people as an additional cost.
It can be seen that cashless modes have advantages and disadvantages both. Any Government before adopting this model should properly evaluate and analyze the merits and demerits carefully. If people stay more conscious, they can avail plethora of its advantages.