cashless economy

A cashless economy is a system where transactions are conducted electronically without physical cash. Instead, people use digital methods like credit/debit cards, mobile payment apps, or online banking to buy goods and services. This setup reduces the need for carrying cash, enhances convenience, speeds up transactions, and often improves security by minimizing theft or fraud. Governments and businesses promote cashless economies to increase efficiency, transparency, and traceability of financial activities, which can also help in reducing black money and corruption. Overall, it leverages technology to facilitate seamless and efficient financial interactions.