Question

Why are developing economies encouraging cashless transactions ?

Answer 1

Answer:

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.

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Answer 2

Answer:

With less cash in circulation, government is able to keep tabs on the digital payments and thus, in this manner, any illegitimate transaction does not go unaccounted for. This practice saves the country's growth from being hampered and rather, leads it toward betterment.

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