IMPACT OF CASHLESS SOCIETY ON BANKING SECTOR

A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties. Cashless societies have existed, based on barter and other methods of exchange, and cashless transactions have also become possible using digital currencies suchas bit coin. However this article discusses and focuses on the term “cashless society” in the sense of a move towards, and implications of, a society where cash is replaced by its digital equivalent – in other words, legal tender (money) exists, is recorded, and is exchanged only in electronic digital form.

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