Standing in long queues for cash is always bothersome, going completely cashless can be the all-in-all solution!
FREMONT, CA: A steady march towards an all-digital world is an ever-growing array of tangible forms of communication and culture. The world is on the cusp of arguably the most significant transition now, dominating over hard cash for a future where the money becomes entirely digital. Many financial institutions are pushing the benefits of going cashless. A host of electronic-payment mechanisms, mobile payments, and digital wallets are revolutionizing the finance world.
The rapid propagation of mobile devices integrated with the introduction of mobile banking services has added rocket fuel to the trend. Even for online cabs, payment can be made with the mobile app while booking. The maturation in the use of digital payments and mobile technology leads to carrying less or no cash in daily lives. It is easier to make payments through card or mobile devices. Electronic money providers are certainly promoting the cause. While the drive to abolish cash is fueled partially by capitalism's impulse to compress waste out of the system, it is also driven by consumers' desire to make their lives more comfortable.
A cashless world has many benefits as there would be less money laundering as there is always a paper trail, and even crimes will mitigate as there won't be any real money to steal. The accessibility of card and mobile payments indicates cash use is in freefall globally. One benefit for businesses of having notes and coins become zeroes and ones transmitted over electronic networks is that the money will be credited to bank accounts directly. If companies and people get paid quicker, then it means that the economy can grow faster.
For banks and commercial users, there are multiple reasons to celebrate the lessening of cash. Ease of accountability, recordkeeping, and the speed of making payments are the key drivers of adopting cashless payments. The risk of having money on the premises is also reduced for business if payments are cashless.