SBI PO Descriptive - Essay - Cashless Payments - Pros & Cons


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.


Every cashless payment facility lets us to manage our finances in the comfort of our home or our office as per our convenience. It is a Self-Service Channel, which is available 24 hours a day and 365 days a year in an absolutely simple, friendly but secured environment. In cashless payment, a mere touch of a button or click of a mouse makes us accessible to a host of any money transaction services. 

The Cashless Web App is designed for PCs, Tablets and Smart phones, it allows users online access to their accounts. Even CCEA approves measures to promote payments through cards and other electronic means to check tax evasion and transition towards a cashless economy.

Pros.:
  • 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.


Cons.:

  • 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.



So, it is clear that it is too difficult to make comment on this issue. No cashless systems have fully replaced cash yet, but many influential technology and finance companies believe that this is the next big thing. So it is also an important fact that every nation needs a cashless society at present time as a way to standardize its economy.

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