Increased cash transactions in the economy give rise to corruption and black marketing and also put pressure on the RBI for the printing of currency.
There are various advantages of cashless transactions. Cashless transactions help to save money and time. For example, many kinds of bills have to be physically deposited on the counter. This involves time and money spent in travelling.
To encourage the move towards cashless economy, the government has come up with a rash of discounts and freebies on digital transactions. In this way, by choosing any of the cashless medium options, a consumer may save money and time using a cashless mode.
Therefore, cashless transactions are the need of time and are also convenient and safe for the economy.