What do you understand by a "Cashless society" ?

The correct answer is Option 4: Both 1 and 3

Explanation:

• An Economic State Whereby Financial Transactions Are Not Connected with Money in the Form of Physical Bank Notes or Coins: This definition describes a cashless society where transactions are conducted without the use of physical currency.
• Financial Transactions Are Made Through the Transfer of Digital Information (Usually an Electronic Representation of Money) Between the Transacting Parties: This reflects the practical aspect of a cashless society, where digital means like electronic transfers, credit/debit cards, and digital wallets replace physical cash.

Together, these statements capture the essence of a cashless society, which involves the use of digital methods for financial transactions rather than relying on physical currency.