The curious case of Cash Vs. Digital| Diksha Technologies
The popularity of cash stems from the fact that almost 2 billion people globally do not have a bank account.
Money is the more reliable, inclusive, and more natural way to buy and sell. Besides, businesses accepting payments in cash do not need a massive investment in technology as opposed to digital payment methods.
However, money has its share of problems. A lot of cash transactions go unrecorded, leading to substantial tax gaps that do impact a country’s finances negatively.
Research claims that moving to a cashless economy will boost GDP by at least 1% for mature economies and 3% for growing countries.
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