The pros and cons of a cashless society.

In the present day, the use of cash in the economy has drastically reduced with the introduction of UPI apps. With the technological advancements, digital payment apps were introduced and are now globally used on an everyday basis. A cashless society reduces the need to carry cash everywhere. Digital payment systems, such as UPI in India and card payments worldwide, are widely accepted. Theft and robbery related crimes reduce with the absence of cash. In addition to this, the transactions are recorded and saved in the history so that it can be accessed later on. Electronic payments are time efficient. Moreover, transactions involving large amounts are usually conducted through online transactions. However on the other hand, online payments apps are challenging for individuals with limited digital literacy or people who do not have access to internet or technology. There have been cases of scams and hacking of accounts and money has been withdrawn without consent. Privacy concerns arise as personal information is shared on these digital payment apps. Thus, while a cashless society brings efficiency and ease, its adoption must be accompanied by safeguards against exclusion and fraud.