Benefits of Going Cashless | cashless economy

In today's digital age, technological advancement has made it possible to go cashless. Lets understand what is actually meant by cashless society. Instead of carrying physical currencies in hand and doing transactions with them, keeping everything digitally in your bank account and wallets and conduct whole transactions directly from your bank account to the receiver's bank account. Same as giving money traditionally, you will be transferring only the exact amount that you have pay. There should not be any transaction costs, as a result, these systems have to be backed-up by the government