When Did The Trend To Go Cashless Begin?ĭuring the 1990’s, the growing popularity of electronic banking made the use of non-cash transactions and settlements popular among the residents of some of the most technologically advanced nations of the world. In a truly cashless society, legal tender (money) is exchanged and recorded only in the electronic digital forms. Here cashless transactions are made with the help of digital currencies like the bitcoin. However, the present concept of a cashless society or country is a completely new thing. Cashless societies in the past were based on the barter system where people exchanged their livestock for food crops or other goods. It is a hypothetical move or situation in favor of alternative means of exchange. So, what is meant by "cashless" and what are the advantages and disadvantages of a country going cashless? What Is A Cashless Society?Ī cashless society is a society where currency notes or cash money are not used in monetary transactions. The Indian government is also constantly encouraging the people of India to go cashless and reduce dependence on cash transactions and instead adopt digital payment methods. The move has been executed with the aim to curb the circulation of "black money" in the country and associated problems. Recently, in India, the central government of the country led by Prime Minister Narendra Modi has implemented a shock ban on currency notes of higher denominations, a move referred to as demonetisation. Countries Leading the World in Cashless Transactions Cashless transactions is the trend followed today by most people in developed nations.
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