How will the cashless society be?

How will the cashless society tend? Think if you don’t have a single coin or note. Each purchase is only on a cell phone or card. This system is called Cashless Society. The use of cash in the cashless society is completely closed. People take digital ways to transfer money like UPI, cards. No such country has become completely cashless so far, but Sweden is on the forefront on this road. Only 15 percent of the transactions in Sweden are now cash. Banks and stores there can now refuse to take cash. People’s habits, technology and banks’ strategies continue this change quickly. Payment of mobile devices is now common. The tendency of touchless payment increased during the Corona period. People have adopted digital options not to touch cash. The main advantage is the facility. Transactions have become easier for both clients and shop owners. Some people believe it will also reduce crime, as digital payments can be detected. But it also has its own threats. Poor and people who do not have a bank account can be outside this system. People’s services can be discontinued due to any technical error or burglary, they will not be able to spend, although they are money. If there is a crisis on banks, people will not be able to withdraw cash, in such a situation, savings can also be threatened. Click here Life & Style Click for more stories Click here