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What are the advantages of cashless payments or plastic money?

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Advantages of cashless payments or plastic money: 

  • It reduces the burden of carrying cash while traveling. 
  • It is easy to use plastic money like debit cards and credit cards. 
  • It will restrict the inflow of duplicate money as cash is not used at all. 
  • Fear of loss of money while traveling will not be there. If the card is lost we can inform our banks and get all transactions stopped.
  • Corruption and black money transaction will be controlled as all transactions will be done through banks which will bring transparency to our transactions. 
  • We also get a credit period if payments are made through credit cards.

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asked Dec 24, 2021 in Economics by RidhiKumari (35.7k points)

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