Hello and welcome to exampundit . We rolled out the SBI PO Descriptive Contest 2 days back and we got a lot of responses. We will be publishing the BEST of the Lot. But that does not mean, your one was Bad. The topic "Cashless Payments - Pros & Cons" is aced by Sourav.
- Cashless Payment eliminates cash handling costs – so no need for cash floats and no cash means all the headaches and worries about handling it are gone.
- As it is fully secured to the highest standards, meaning customers can have complete peace of mind when using it through App.
- This system also saves precious time – so no cash balancing required.
- The average life span of a paper note is near about five years so going through electronic procedure reduces the cost of producing physical currency.
- Studies show that sales increase when consumers can pay with a stored-value card, this is because people often forego small purchases when they do not have cash on them.
- It drives the development and modernization of the payment system, promotes transparency and accountability and reduces transaction costs.
- If any consumer loses cards, it may take a long while to procure another.
- Its ingeniosity is only questionable when it comes to cyber fraud and hacking - like any other network technology, there is a high chance that a hacker is working on ways to exploit the system and they can also hack PIN.