- Login To RMS System
- About JETIR URP
- About All Approval and Licence
- Conference/Special Issue Proposal
- Book and Dissertation/Thesis Publication
- How start New Journal & Software
- Best Papers Award
- Mission and Vision
- Reviewer Board
- Join JETIR URP
- Call For Paper
- Research Areas
- Publication Guidelines
- Sample Paper Format
- Submit Paper Online
- Processing Charges
- Hard Copy and DOI Charges
- Check Your Paper Status
- Current Issue
- Past Issues
- Special Issues
- Conference Proposal
- Recent Conference
- Published Thesis
Contact Us Click Here
Whatsapp contact click here, published in:.
Volume 6 Issue 1 January-2019 eISSN: 2349-5162
UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975
Published Paper ID: JETIRT006018
Registration ID: 191701
- Downlaod eCertificate, Confirmation Letter
- editor board member
- JETIR front page
- Journal Back Page
- UGC Approval 14 June W.e.f of CARE List UGC Approved Journal no 63975
Share This Article
- Call for Paper
- Submit Manuscript online
Cite This Article
2349-5162 | Impact Factor 7.95 Calculate by Google Scholar An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
Download paper / preview article.
Preview this article, download pdf, print this page.
Impact factor calculation click here current call for paper, call for paper cilck here for more info important links:.
- Follow Us on
- Developed by JETIR
+91 88 66 00 3636
Publishes on 1 st Day Of The Month
- Editorial Board
- Indexing & Abstracting
- Past Issues
- Publication ethics
- Author Guidelines --> Author Guidelines
- Past Issues --> Past Issues
Upload your Article
- Book Publication
- Adv. in Tech.
- Current Issue Current Issue -->
- Subscription Form
- Peer Review Process
- Sister Journals
Volume : VIII, Issue : II, February - 2018
Dr. P. R. Kousalya, R. Guru Shankar
The Research paper focuses on impact and importance of cashless economy in India. According to Government of India the cashless economy will increase employment, reduce cash related robbery thereby reducing risk of carrying cash. Cashless policy will also reduce cash related corruption and attract more foreign investors to the country. In many countries introduction of cashless economy can be seen as steps in the right direction. It is expected that its impact will be felt in modernization of payment system, Reduction in the cost of banking service, Reduction in high security and safety risk and also curb banking related corruption.
Electronic banking will be made banking transaction to be easier by inging services closer to its customers hence improving banking industry performance. The financial safety over the digital payment channel is important for pushing the cashless economy idea. A major obstacle for the quick adoption of alternate mode of payment is mobile internet penetration, which is crucial because point of sale terminal works over mobile internet connection, while banks have been charging money on card–based transaction which is seen in hurdle. India has been using electronic payment system for many year now, However the retail sector still has predominance of cash transaction and payment through cash is yet to pick up card is the one of the most secure, convenient mode of cashless payment in retail market.
Article: Download PDF DOI : 10.36106/ijar Cite This Article:
Dr.P.R.Kousalya, R. Guru Shankar, Cashless economy/transaction., INDIAN JOURNAL OF APPLIED RESEARCH : Volume-8 | Issue-2 | February-2018
Number of Downloads : 5035
Our Other Journals...
AN ANALYTICAL STUDY OF CASHLESS TRANSFORMATION AND GROWTH IN RETAIL MARKET IN INDIA
8 Pages Posted: 6 Apr 2021
Prof Dr Nitin Zaware
Rajeev Business School, Pune; affiliation not provided to SSRN
Date Written: October 1, 2020
Over the last six years from 2014-15 to 2019-20 cashless transactions in the Indian economy have seen phenomenal growth. The demonetization injection in 2016 has led to a sharp increase in the size of the cashless Indian economy manifold. The last six years have seen a rise in volume clocking a CAGR of 48.17%, and the rise in the value of transactions clocking a CAGR of 16.15%. An interesting thing to note is that alongside the increase in the digital economy, the retail business simultaneously has also shown a sporadic rise. The market size of the Indian retail market has shot up to USD 1100 billion in 2019-20 from USD 534 billion in 2014-15. This shows a CAGR of 15.55% for the six years period. This paper reviews the linkage between the two – growth in cashless economy and growth in the retail market based on macro-level data for the six years period from 2014-15 to 2019-20. Regression analysis shows that growth in cashless explains around 92% of the growth in the retail mark. The correlation between the two is 0.96. Beyond any doubt, the findings lead to a clear conclusion that a cashless economy is a strong enabler for the growth of the retail market in India.
Keywords: Cashless transactions, Digital transactions, Retail market
JEL Classification: Cashless transactions, Digital transactions, Retail market
Suggested Citation: Suggested Citation
Nitin Zaware (Contact Author)
Affiliation not provided to ssrn, rajeev business school, pune ( email ).
Ganeshkhind Ganeshkhind Pune, Maharashtra 411007 India +91 9860121311 (Phone)
HOME PAGE: http://www.rajiv.edu.in
Do you have a job opening that you would like to promote on SSRN?
Paper statistics, related ejournals, decision-making in economics ejournal.
Subscribe to this fee journal for more curated articles on this topic
- Business Today
- India Today
- India Today NE
- India Today Gaming
- Harper's Bazaar
- Brides Today
- Aajtak Campus
- Animal Spirits
- BT-TR GCC Listing
How India can become a cashless economy
Targeted incentives will encourage consumers and merchants to consider moving away from cash. this might be achieved by reducing the cost of digital payments, introducing cash-handling charges or restricting the use of cash above certain thresholds.
- Updated Jul 23, 2021, 4:42 PM IST
The steps and the global case studies India can undertake to move towards a cashless society
Increased penetration of internet and banking system: Approximately 45% to 50% of the Indian population still doesn't have internet access, and approximately 20% of the population does not have access to a bank account. There is a lot of ground to be covered for India to become completely cashless, and steps need to be taken to increase the penetration in both these areas. Establish the right incentives: Targeted incentives will encourage consumers and merchants to consider moving away from cash. This might be achieved by reducing the cost of digital payments, introducing cash-handling charges or restricting the use of cash above certain thresholds (the EU is currently considering this measure).
Also Read: Cash Splash
For example, in Sweden, a consortium of banks launched a free mobile payments app, which was adopted by almost 50% of the population within four years of launch.
PromptPay, the electronic payment service under the Thai government's e-payment plan, encouraged usage by removing charges for online banking. Governments and companies might also consider consumer-friendly schemes such as weekly prize drawings based on transaction IDs or systems with specific demographics in mind. Strong data security and regulations: The year 2020 saw one of the largest numbers of data breaches in the world and in India. The total number of brute force attacks against remote desktop protocol jumped from about one million during early 2020 to about three million mid-2020.
By early 2021, the average jumped to about nine million attacks. Organisations in India lost about $2 million per breach on an average in 2020. Hence, in order to truly go cashless, a strong data security infrastructure is the key enabler and should encompass all the internet, mobile, and e-payment technologies.
Further, targeted and proportional regulation can strengthen confidence in electronic payments and enforce financial inclusion. Initiatives such as rapid dispute resolution mechanisms, licencing schemes, and fee caps have typically been highly effective in boosting the uptake of cashless solutions.
Also Read: NHAI transitions to 100% cashless toll via compulsory FASTags The measures adopted by a few of the global economies that are moving towards a cashless society are as follows: - Sweden: Sweden has the most aggressive policy to become cashless. Many Swedish retailers do not accept cash and only 20% of all transactions in Sweden are made in cash. There is also a popular payment application called Swish, which enables instant money transfers between people.
Sweden has also rolled out an array of policies encouraging cashless payments, from eliminating infrastructures such as ATMs to establishing enabling measures such as electronic know-your-customer (e-KYC) capabilities and real-time payments to granting stores the right to refuse cash. A tangential impact has been a surge in tax receipts, with the value-added tax rising nearly 30% over five years.
Also Read: Paytm earmarks Rs 50 cr for cashback programme to celebrate six years of Digital India Poland: Cashless Poland, the public-private foundation in Poland aims to popularise cashless payments in the country. The foundation offers free point of sale (POS) devices through partner banks to business owners in order to encourage the latter to accept cashless payments. The foundation has already helped over 200,000 companies to start accepting cards and mobile payments. South Korea: South Korea saw accelerating adoption of digital payments after introducing end-of-year tax credits for up to 30% of spending on debit cards. Australia: The Reserve Bank of Australia has taken action to address the high cost of digital payments, capping interchange fees and putting a ceiling on card surcharges for small businesses.
The moves led to a $11 billion decline in merchant payment costs and an acceleration in the growth of card transactions. A similar cap in the US in 2011 led to an 8% rise in credit card usage.
(The author is Managing Director, Duff & Phelps.)
- #Indian economy
- #cashless economy
- #cashless society
- #digital economy
- Real Estate
- Advertise with us
- Terms and Conditions
- Press Releases
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today
Add Business Today to Home Screen
- IAS Preparation
- UPSC Preparation Strategy
- Cashless Economy
Cashless Economy in India - UPSC GS-III Notes
When the transactions in an economy are not heavily based on the money notes, coins or any other physical form of money but are aided by the use of credit cards, debit cards and prepaid payment instruments, such an economy is called cashless economy.
The cashless Economy in India has been amplified with the Indian Government’s initiative of Digital India . This is a flagship programme with a vision to transform India into a digitally empowered society and knowledge economy.
The topic, ‘Cashless Economy’ is important for GS-III Indian Economy of the IAS Exam . This article will talk about it, the types of cash transfer modes, UPI and more.
Table of Contents:
Cashless Economy in India – UPSC Notes:- Download PDF Here
What is a Cashless Economy?
Cashless Economy can be defined as a situation in which the flow of cash within an economy is non-existent and all transactions must be through electronic channels such as direct debit, credit cards, debit cards, electronic clearing, and payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) in India.
To know the Difference Between RTGS and NEFT , visit the linked article
Highlights of Cashless Economy in India
- Post Demonetization , the Centre is making a big push for online and card-based transactions in the country to achieve its target of becoming a largely cashless economy.
- The rapid growth of e-payment startups in the country.
- Launch of Unified Payments Interface (UPI) to facilitate cashless transactions.
- The Covid-19 pandemic fueled a massive shift towards digital transactions in India aligning with the prime minister’s vision of a Digital India. In fact, according to the National Payments Corporation of India (NPCI) data, payments on UPI in June 2020 hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore.
Cashless Economy – Types of Cashless Modes and Payments
There are various cashless payment modes and these are mentioned below:
Mobile wallet: It is basically a virtual wallet available on your mobile phone. You can store cash in your mobile to make online or offline payments. Various service providers offer these wallets via mobile apps, which is to be downloaded on the phone. You can transfer the money into these wallets online using credit/debit card or Net banking. This means that every time you pay a bill or make a purchase online via the wallet, you won’t have to furnish your card details. You can use these to pay bills and make online purchases.
Plastic money: It includes credit, debit and prepaid cards. The latter can be issued by banks or non-banks and it can be physical or virtual. These can be bought and recharged online via Net banking and can be used to make online or point-of-sale (PoS) purchases, even given as gift cards. Cards are used for three primary purposes – for withdrawing money from ATMs, making online payments and swiping for purchases or payments at PoS terminals at merchant outlets like shops, restaurants, fuel pumps etc.
Net banking : It does not involve any wallet and is simply a method of online transfer of funds from one bank account to another bank account, credit card, or a third party. You can do it through a computer or mobile phone. Log in to your bank account on the internet and transfer money via national electronic funds transfer (NEFT), real-time gross settlement (RTGS) or immediate payment service (IMPS), all of which come at a nominal transaction cost.
The cashless economy in India is being promoted through various platforms and applications which provide easy methods of funds transfer and payments:
Cashless Economy – Prepaid Payment Instrument
The RBI classifies every mode of cashless fund transfer using cards or mobile phones as ‘prepaid payment instrument’ . They can be issued as smart cards, magnetic stripe cards, Net accounts, Net wallets, mobile accounts, mobile wallets or paper vouchers. They are classified into four types:
- Open Wallets : These allow you to buy goods and services, withdraw cash at ATMs or banks and transfer funds. These services can only be jointly launched in association with a bank. Apart from the usual merchant payments, it also allows you to send money to any mobile number linked with a bank account. M-Pesa by Vodafone is an example.
- Semi-Open Wallets : You cannot withdraw cash or get it back from these wallets. In this case, a customer has to spend what he loads. For example, Airtel Money/Ola Money is a semi-open wallet, which allows you to transact with merchants having a contract with Airtel/Ola.
- Closed Wallets : This is quite popular with e-commerce companies; wherein a certain amount of money is locked with the merchant in case of a cancellation or return of the product or gift cards. Flipkart and Book My Show wallets are an example.
- Semi-Closed Wallets : These wallets do not permit cash withdrawals or redemption, but it allows you to buy goods and services from listed vendors and perform financial services at listed locations. Paytm is an example.
Read in detail about the Fiscal Policy in India at the linked article.
Advantages of a Cashless Economy in India
- The main advantage of a cashless society in India is that a record of all economic transactions through electronic means makes it almost impossible to sustain black economies or underground markets that often prove damaging to national economies. This reduces the chances of black money entering the system. It is also much riskier to conduct criminal transactions. An economy that is largely cash-based facilitates a rampant underground market which abets criminal activities such as drug trafficking, human trafficking, terrorism, extortion etc. Cashless transactions make it difficult to launder money for such nefarious activities.
- Circulation of Fake Currency notes can be curbed.
- Increase Tax base: It is difficult to avoid the proper payment of due taxes in a cashless society, such violations are likely to be greatly reduced. The increased tax base would result in greater revenue for the state and greater amount available to fund the welfare programmes.
- Digital transactions bring in better transparency, scalability and accountability.
- Digital transactions are convenient and improve market efficiency
- It will eliminate the risks associated with carrying and transporting huge amounts of cash
- The cashless economy will reduce the production of paper currency and coins. This will save a lot of production cost in turn.
- A lot of data transfer happens due to the cashless transaction. This data will help the government plan for future expenses such as housing, energy management, etc from the pattern of the data transmission.
Challenges in transitioning to a Cashless society
- Acceptance infrastructure and digital inclusion: Lack of adequate infrastructure is a major hurdle in setting up a cashless economy. Inefficient banking systems, poor digital infrastructure, poor internet connectivity, lack of robust digital payment interface and poor penetration of PoS terminals are some of the issues that need to be overcome. Increasing smartphone penetration, boosting internet connectivity and building a secure, seamless payments infrastructure is a prerequisite to transition into a cashless economy.
- Financial Inclusion – For a cashless economy to take off the primary precondition that should exist is that there should be universal financial inclusion. Every individual must have access to banking facilities and should hold a bank account with debit/credit card and online banking facilities. Read more about Financial Inclusion in the linked article.
- Digital and Financial Literacy – Ensuring financial and digital inclusion alone are not sufficient to transition to a cashless economy. The citizens should also be made aware of the financial and digital instruments available and how to transact using them.
- Cyber Security – Digital infrastructure is highly vulnerable to cyber-attacks, cyber frauds, phishing and identity theft. Off late cyber-attacks have become more sophisticated and organised and poses a clear and present danger. Hence establishing secure and resilient payment interfaces is a prerequisite for going cashless. This includes enhanced defences against attacks, data protection, addressing privacy concerns, robust surveillance to pre-empt attacks and institutionalised cybersecurity architecture.
- Changing habits and attitude – Indian economy functions primarily on cash due to lack of penetration of e-payment modes, digital illiteracy of e-payment and cashless transaction methods and thirdly habit of handling cash as a convenience. In this scenario, the ideal thing to do is to make people adopt e-payments in an incremental fashion and spread awareness to initiate behavioural change in habits and attitude.
- Urban-Rural Divide – While urban centres mostly enjoy high-speed internet connectivity, semi-urban and rural areas are deprived of a stable net connection. Therefore, even though India has more than 200 million smartphones, it is still some time away for rural India to seamlessly transact through mobile phones. Even with regard to the presence of ATM’s, PoS terminals and bank branches there exists a significant urban-rural divide and bridging this gap is a must to enable a cashless economy.
To understand the Digital Divide in India , candidates can visit the linked article. This will also give them a brief idea of the areas of improvement to make India a cashless economy.
Is India Ready for a cashless economy?
The difficulty in going digital is exemplified by the data on debit card usage — over 85% (in volume) and 94% (in value) of all debit card usage is at ATMs for the purpose of withdrawing cash. The principal purpose for cards in an Indian context is thus a means to withdraw cash. The exponential growth in debit cards (over 600 million) is a direct consequence of the financial inclusion drive that led to the opening of over 170 million bank accounts. Though the move put plastic money into the hands of millions, effectively it has only shifted cash withdrawals from banks to ATMs, which was not quite the intent.
India’s Cash to GDP ratio:
As calls for going cashless grows louder in India, a key challenge being faced at the global level is to check the continuing rise in the total value of the currency in circulation and its share in the overall GDP , a trend particularly seen in the US, Switzerland and Euro area.
Such a continuing rise in the circulation of currencies for economic activities could well be a major impediment in the transformation to a cashless and digital economy.
India’s cash to GDP ratio — an indicator of the amount of cash being used in the economy — is around 12 to 13%, which is much higher than major economies including the US, the UK and Euro area but below that of Japan (about 18%).
Cashless Economy in India & The Challenges ahead
Typically in India, a cashless economy may take a bit longer to be adaptable. The challenges with regard to the same have been discussed below:
- A large part of the population does not have access to debit cards and smartphones, which is why they prefer to make transactions in cash
- The maximum population uses debit cards to withdraw money rather than paying directly through it
- People are not entirely aware and educated about the cashless methods of payment
- As per the survey and data collected, only 26% has access to the internet and choose online payments as an option for transactions
- Making the people aware of the privacy and security under cashless transactions is another challenge for the government. As the cashless economy in India is also taking time to recover as people do not trust the privacy terms of the online portals, platforms and applications
Penetration of Mobile Accounts
Cashless Economy and Government Initiatives
- Paytm had witnessed 5 million daily usage post demonetisation as opposed to their average transaction of three million. It also saw a 700% increase in the overall traffic and a 1000% increase in the amount of money added to its account in the first two days of post-demonetization. Ola Money too saw a 1500% increase in its e-wallet.
- Payment service providers (PSPs) to provide the interface between the payer and the payee. Unlike wallets, here the payer and the payee can use two different PSPs.
- Banks will provide the underlying accounts. In some cases, the bank and the PSP may be the same.
- NPCI will act as the central switch by ensuring Virtual Payment Address (VPA) resolution, affecting credit and debit transactions through IMPS.
- Direct Benefit Transfer (DBT): It is a scheme that was launched by the Government of India to transfer the benefits and subsidies of various social welfare schemes like LPG subsidy, Old Age Pension, Scholarship, MGNREGA , etc. directly to the bank account of the beneficiaries. This allowed for the penetration of digital banking into rural India.
- The Centre has set up a committee headed by NITI Aayog CEO Amitabh Kant, to formulate a strategy to expedite the process of transforming India into a cashless economy.
- The panel is tasked with identifying various bottlenecks that are affecting access to digital payments.
- The panel will engage regularly with all stakeholders – Central ministries, regulators, state governments, district administration, local bodies, trade and industry associations to promote adoption of digital payment systems.
- The idea is to establish and monitor an implementation framework with strict timelines to ensure that nearly 80% of the transactions in India moves to the digital-only platform
- The committee will also try to estimate the costs involved in various digital payments options and oversee the implementation of these measures to make such transactions between the government and citizens cheaper than cash-based transactions.
- Pradhan Mantri Jan Dhan Yojana , one of the biggest financial inclusion initiatives in the world, was launched in 2014. It is a national mission on financial inclusion which has an integrated approach to bring about comprehensive financial inclusion and provide banking services to all households within the country. This scheme ensures access to a range of financial services like availability of basic savings, bank accounts, access to need-based credit, insurance and pension. It has played a significant role in the opening of bank accounts for the poor.
- The terms of reference of the committee include identifying global best practices for implementing an economy primarily based on digital payments and examine the possibility of adopting these global standards in the Indian context.
- The panel will also outline measures for rapid expansion and adoption of the system of digital payments like cards (Debit, Credit and pre-paid), Digital-wallets/ e-wallets, internet banking, Unified Payments Interface (UPI), banking apps, etc. and shall broadly come up with the roadmap to be implemented in one year.
- Ratan Watal panel on digital payments
The panel, headed by former finance secretary Ratan Watal, was constituted in August to suggest ways to encourage India’s movement towards a cashless economy.
India must learn from other countries in the developing world, which have managed to reduce their dependence on cash even while bringing in more people in the folds of the formal banking system. Kenya has been a well-documented success story, where mobile money has spread much faster and deeper than in India. Kenyan households with access to mobile money were able to manage negative economic shocks (like job loss, death of livestock or problems with harvests) better than those without access to mobile money.
The path forward is clear:
- Invest in building the required financial and digital infrastructure
- A nationwide financial and digital literacy campaign accompanied by a medium-term strategy to improve access to, and awareness of, electronic payments. Targeted financial education programs can improve financial skills and credit management, and increase account ownership.
- the government must undertake the herculean task of changing attitudes towards digital payments among customers and merchants
- Put in place all necessary cybersecurity measures
Cashless Economy – What is United Interface Payments (UPI)?
How to Approach the topic ‘Cashless Economy in India’ for UPSC
- Economics – Learn about UPI, Payments Modes etc.
- Current Affairs – Check on important editorials related to the Indian economy.
General Studies III:
- Indian Economy
- Cashless Economy – a probable essay topic
- Which of the following committees dealt with digital payments?
- Urjit Patel committee
- Bimal Jalan committee
- Ratan Watal committee
- Nachiket Mor committee
- Critically Discuss the benefits of India transitioning into a cashless economy. Does India possess the required prerequisites?
Frequently Asked Questions on Cashless Economy in India
Q 1. what is cashless economy and is india ready for cashless economy, q 2. how is cashless economy beneficial.
Leave a Comment Cancel reply
Your Mobile number and Email id will not be published. Required fields are marked *
Request OTP on Voice Call
- Share Share
The purpose of this paper is to find out the challenges and the penetration issues India would face in implementing the cashless economy and the possible measures to overcome them. The study makes a modest attempt to link the Diffusion of Innovation Theory, Technology Adoption life cycle and the Technology Acceptance Model. In India, especially ...
Abstract The history of cashless economy dates back to the barter system days, but the cashless economy now, is focused on the transfer of digital information using different intermediaries. The banking sector around the globe is experiencing IT revolution.
This paper is going to conceptualize the meaning of a cashless system, explains online banking techniques in India, schemes by government to spread the cashless system in India and...
• Sunita Avula (2017) in her research paper, "The Cashless Economy in India: Prospects and Challenges" discussed the programs initiated by Indian government to bring economy on track of digitalization and incentives offered to public to attract them towards digital transactions. Government needs to focus on digital literacy, penetration of
A STUDY ON CASHLESS ECONOMY IN INDIA Authors Dr.V.Chandrakala Abstract Cash may no longer be king. Cashless economy is an economic system in which there is little or very low cash flow in a society and goods and services are bought and paid through electronic media.
Authors: Venu V. Madhav K L University Abstract and Figures A cashless economy is one in which all the transactions are done using cards or digital means. The circulation of physical currency...
increasingly popular in urban India,paper currency notes are still an essential part of daily life. One saying is ... the focuses on the impact of devaluation on our economy,counterfeit currency and challenges towards cashless economy. RESEARCH METHODOLOGY: Vol-2 Issue-3 IJARIIE2017 -ISSN(O) 2395 4396 C-1462 www.ijariie.com 178
Abstract: This paper studied the views of people on introduction of cashless economy in India .The study was conducted in Delhi region & data was collected with the help of structured...
the reduction or minimization of paper cash based transactions in an economy. ... IJSDR1902011 International Journal of Scientific Development and Research (IJSDR) www.ijsdr.org 63 ... (IMPS), National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) in India. In a cashless economy most of the transaction will be done by ...
(PDF) CASHLESS ECONOMY CASHLESS ECONOMY Authors: Menaka Baskaran Alagappa University Content uploaded by Menaka Baskaran Author content Content may be subject to copyright. ResearchGate has not...
One of the offshoots of 2016 demonetization of Indian high denomination bank currency notes is that the country can progress towards becoming a cashless economy. Several countries around the world are trying cashless transactions in one form or the other for various reasons and with reasonable success.
1. To study the benefits of cashless economy 2. To assess the preparedness for the implementation of the cashless economy by Indian Government. III. Research Methodology The study is conducted to obtain data on Introduction of Cashless economy in India. The study is conducted in Delhi region.
2. To assess the preparedness for the implementation of the cashless economy by Indian Government. III. Research Methodology The study is conducted to obtain data on Introduction of Cashless ...
Cashless economy is an economic system where small amount of cash is used in transactions. Cashless economy is based on transactions made by credit cards, debit cards, wallets or digital modes. India is majorly cash driven economy where people prefer to carry cash instead of cards however India is moving towards "less cash economy" -a phase ...
The Research paper focuses on impact and importance of cashless economy in India. According to Government of India the cashless economy will increase employment, reduce cash related robbery thereby reducing risk of carrying cash. Cashless policy will also reduce cash related corruption and attract more foreign investors to the country.
This shows a CAGR of 15.55% for the six years period. This paper reviews the linkage between the two - growth in cashless economy and growth in the retail market based on macro-level data for the six years period from 2014-15 to 2019-20. Regression analysis shows that growth in cashless explains around 92% of the growth in the retail mark.
III. BENEFITS OF ADOPTING A CASHLESS ECONOMY The cashless economy has helped in creating a positive impact on society in terms of its mode of operation, time and cost. The various benefits of going for a cashless economy are given below: 1. Root out the generation of black money 2. Individuals will find it hard to excuse themselves from income ...
The use of cashless payments payment instruments is driven by the ease of use in micro and retail payments, scheduling of financial transactions that can be managed anywhere, reducing transaction...
The steps and the global case studies India can undertake to move towards a cashless society. Increased penetration of internet and banking system: Approximately 45% to 50% of the Indian ...
Cashless Economy can be defined as a situation in which the flow of cash within an economy is non-existent and all transactions must be through electronic channels such as direct debit, credit cards, debit cards, electronic clearing, and payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and …