How does the use of plastic money impact the economy?

The use of plastic money can impact the economy in several ways. One of the most significant ways is by promoting cashless transactions, which can increase the transparency of financial transactions and reduce the scope for black money. It can also reduce the cost of printing and distributing paper currency, which can result in cost savings for the government and financial institutions. Moreover, the use of plastic money can also increase the convenience and ease of transactions, leading to increased consumer spending and economic growth. Additionally, it can provide better security for consumers against the risks associated with carrying cash, such as theft or loss. Overall, the use of plastic money can have several positive effects on the economy, including increased efficiency, convenience, and security in financial transactions.