Cashless and Contactless Society
A cashless society refers to a society where physical cash is not used, and most financial transactions are conducted digitally. The adoption of cashless payment methods has significantly increased due to various factors such as the ongoing COVID-19 pandemic, the popularity of e-commerce, and the convenience of digital payment methods, which are expected to continue for the rest of 2023 and so on. The trend towards a cashless society is expected to continue for the next few years as more people adopt digital payment methods and businesses and governments continue to encourage their use. However, there are still challenges to overcome, such as ensuring financial inclusion for those who cannot use digital payment methods and addressing concerns about security and privacy.