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Going cashless has brought numerous benefits to people and business organizations. With the cashless transactions, there are chances of burglary and theft. The policemen have to worry less about such crimes.
The cashless economy has reduced the operation costs in businesses as it reduces the costs associated with accounting and handling cash. Moreover, there is more data available with online transactions which can help the government to create policies accordingly.
The production cost of coins and paper currency has reduced significantly. Paper currencies have a maximum lifespan of up to 6 years.
Making payments has become a lot easier with UPI transactions, debit and credit cards. Every retail shop facilities UPI transactions which are easier for the customer to make payments even in remote places.