Benefits Of A Cashless Payment System

Many reviews and analyzes show that the benefits of a society without money outweigh its disadvantages. Indicators of community readiness without money are getting better along with financial literacy. Thus, shortcuts to accelerate economic growth in terms of innovative payment solutions will be more easily implemented. A card payment machine that we can find in various stores and merchants that have been integrated with e-money or cashless payments. However, do you know the advantages of a cashless payment system?

The first and foremost advantage of the non-cash economy is that one does not need to carry cash anywhere which in turn reduces the likelihood of theft from the wallet, reduces the inconvenience of carrying cash especially if there is a large amount, and provides freedom if at any time it requires changes (eg more transactions from once) when the transaction was made. This transaction also has no risk of receiving counterfeit money and so on.

Another benefit of cashless sytem is that it is easier to track illegal transactions because if cash is used directly to make transactions, it is not easy for us to track transactions because the money does not enter the banking system but in the case of digital transactions, it is very easy to track transactions because all records are in the bank which results in more transparent.

Another advantage of non-cash financial transactions is that all transactions will be carried out through organized channels, namely through banks and financial institutions, which results in an increase in tax revenue for the government because all-cash transactions that are carried out illegally enter the banking system which in turn helps the government in tracking all transactions and levy taxes on them which in turn can be used by the government for the progress of the country’s economy.

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