a) Advantages and disadvantages of using cashless transaction
Answers
Answer:
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Explanation:
Inspite of these disadvantages the cashless transactions will benefit India in long run.
Crime rate will be drop.
Bank robbery be decline.
Black money and money laundering will be drop. Also bribe can be reduced.
Enhance current banking system.
All transactions can be monitored.
Cashless transactions, in comparison to cash transactions, are more prone to scams and fraud.
The main drawbacks of cashless transactions is the basic infrastructure and security concerns.
People who live in the lower level of pyramid are not technology friendly .
Everyone cannot buy a smartphone and data packs.
Advantages -
.Going cashless not only eases one 's life but also helps authenticate and formalize the transactions that are done. This helps to curb corruption and the flow of black money which results in an increase of economic growth. The expenditure incurred in printing and transportation of currency notes is reduced.
Explanation:
cashless transaction is a payment for products or services on the web or in brick-and-mortar stores without the exchange of currency. It is rather an electronic transfer of money that is enabled by store payment systems, credit cards and online payment systems (PayPal, Stripe, etc.).