Electronic payment will assist the business owner in expanding their consumer base and breaking down geographical barriers. *An increase in cashless transactions would increase government income since online transactions leave a trail of events that can be followed to detect any tax avoidance. *Being cashless instills financial discipline and helps to curb clack money since cashless transactions are more apparent. *Being cashless also helps to curb clack money. Because internet transactions leave a record, it is possible to track the funding of terrorist activity.
Being cashless, on the other hand, has significant drawbacks:
The greatest concern is the possibility of identity theft. A phishing trap might potentially befall a person. Obtaining a replacement card in the event of loss or theft is a time-consuming process. * Because the cell phone has become such an essential part of the cashless economy, losing it may be a double whammy because it can store a lot of financial information. When we consider the percentage of people that are not tech-savvy, we can see that implementing a cashless economy will be extremely difficult.
Paypound is a PCI DSS Service Provider Level 1, we encrypt, process, and store cards data. Our payment platform allows consumers to pay merchants within the most secure environment. Contact us at (+44) 800 832 1733 [email protected] https://paypound.ltd.