Yakub02
Banned
No doubt the cashless policy is characterized with ups and downs. It comes with series of benefits. Likewise it has the other side. Any reasonable government is expected to have examined the advantages and disadvantages before they can think of its implementation.
I could remember in the 1980s when there was a change of currency in my country, there was no problem and hullaballoo like we are having it now. Despite the fact that we are in the technology era where things are expected to be carried out in topnotch and of standard value.
Despite the fact that most of banking operations bottlenecks have been taken away from them. Nowadays we are having POS machines all around, People can make fund transfer through their smartphones, There are availability of ATM machines in all the banks.
With all these opportunities we are still failing in cashless and currency redesign implementation.
Here are some benefits and Challenges of cashless policy implementation.
-BENEFITS-
*Increased Financial Inclusion
*Reduced Corruption and Money Laundering
*Improved Transparency and Traceability of Transactions.
*Increased Efficiency and Speed of Transactions.
*Better Access to Financial Services and Products.
-CHALLENGES-
*Cybersecurity and Data Privacy concern
*Technical Challenges and Interoperability issues
* Accessibility and Infrastructure limitations
* High transaction costs for Small and Medium Enterprises
* Resistance to change and user adoption .
I could remember in the 1980s when there was a change of currency in my country, there was no problem and hullaballoo like we are having it now. Despite the fact that we are in the technology era where things are expected to be carried out in topnotch and of standard value.
Despite the fact that most of banking operations bottlenecks have been taken away from them. Nowadays we are having POS machines all around, People can make fund transfer through their smartphones, There are availability of ATM machines in all the banks.
With all these opportunities we are still failing in cashless and currency redesign implementation.
Here are some benefits and Challenges of cashless policy implementation.
-BENEFITS-
*Increased Financial Inclusion
*Reduced Corruption and Money Laundering
*Improved Transparency and Traceability of Transactions.
*Increased Efficiency and Speed of Transactions.
*Better Access to Financial Services and Products.
-CHALLENGES-
*Cybersecurity and Data Privacy concern
*Technical Challenges and Interoperability issues
* Accessibility and Infrastructure limitations
* High transaction costs for Small and Medium Enterprises
* Resistance to change and user adoption .