Cashless economy means the system of making payments digitally instead of using physical cash. In the place of physical cash, digital payments are made to settle the transactions.
In a modern economy, money moves electronically. Hence the spread of digital payment culture along with the expansion of fintech infrastructure facilities are the ways to achieve cashless economy targets.
Several advantages of cashless transactions like convenience, reducing the dependence of physical currencies, expansion of formal economy, elimination of black economy etc. have promoted the cashless economy initiatives in recent years.
