When we want to buy something or when we want to get some kind of a service we have to pay money for the product or service we are receiving. When money was invented and up to quite recently we had to literally exchange money for what we were purchasing. However, now with the connectivity created by internet and the remarkable inventions which have taken place in the technology industry has paved was for cashless transactions.
In cashless transaction we exchange electronic based money for the product or service we get from someone. Because of some very valuable reasons this cashless transaction method has by now become better than actually doing transactions with cash.
When you are doing cashless transactions you get the opportunity to pay the bill of any store you are visiting with either your credit card or debit card. These cards do not allow anyone to directly steal your money from you. If you have been keeping the PIN number with the card whoever steals the card could get money from your account if you are not fast enough to report it or they could simply use it to buy goods. However, as soon as you inform the bank they deactivate the cards which can most of the time result in no money loss. If it was your cash that got stolen the chances of getting that back is quite slim to begin with.
Ease of Carrying Currency
Unlike cash which does take some space in your purse or bag when you are carrying large amounts of that with you, carrying credit and debit cards or checks can be far more easier and more safer too. With them you can carry millions in your purse without any discomfort.
No Meeting in Person Necessary
For cashless transactions meeting in person is not necessary. This is applicable for online shopping and also for online bank transactions which happen when you are paying someone for some work they have done to you. As long as you have all the bank details there is nothing to create a problem for you. It also takes less time.
No Going to the Bank is Necessary
With cashless transactions where you use electronic bank transactions you do not have to visit the bank too. Sometimes, going to the bank to make just one payment for an employee can be tiresome. However, if you are using e baking facilities you can make an electronic bank transfer from wherever you are at the moment.
All these reasons make cashless transactions better than cash transactions.