Vol. 3, Issue 7, Part E (2017)

Abstract
A Cashless Economy depicts a financially viable state whereby monetary transactions are not conducted by means of money in the form of corporal banknotes or coins, but fairly through the transmit of digital information (usually an electronic demonstration of money) linking the transacting parties. Cashless societies have existed, based on barter and other methods of exchange, and cashless transactions have also become possible using digital currencies such as bit coin. However this article discusses and focuses on the term "Cashless Economy" in the sense of a move towards, and implications of, an economy where cash is replaced by its digital equivalent - in other words, authorized tender (money) exists, being recorded, and is exchanged in electronic digital structure.