The advantages to citizens of a country in a Cashless Economy are:
- Risk of loss of cash while carrying is avoided
- Facilitate exact payment and reduce transaction costs
- Convenience in payment and management of utility bills, purchases and other financial transactions.
- It helps to authenticate financial transactions and maintain proper record facilitating better tax compliance and increasing tax base.
- Digital payments indirectly reduces expenditure by reducing need for printing of currency notes and its transportation
- Electronic transactions helps in curbing corruption and black money flow, thereby helping in economic growth of the country
- Lesser use of cash prevents money laundering and better tax compliance
- Increased tax base would result in greater revenue for public welfare activities
- Chances of avoiding long queues when there are chances to pay digital money through phones.