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INTRODUCTION: Cashless economy is a concept in which no physical money is used for the transactions of money. In cashless money most of the transactions are done by online fund …
Cashless economy is a concept in which no physical money is used for the transactions of money. In cashless money most of the transactions are done by online fund transfer, E- wallets, and Debit card, credit card etc. This Blog conclude that the view of cashless economy in India is very bright for the Country but in Current scenario it is facing many challenges like technology, undeveloped infrastructure and uneducated population of India.
Cashless economy is an economy where most transactions are evaded using the physical money. In this economy most of the transactions are done with e cards and IMPS, NEFT, and e- wallets. Our Prime Minister Mr. Narendra Modi has demonetized note of Rs. 500 and 1000 which boost up the use of these online fund transfer and uses of all these online payment system. now a days Indian Government is in full support of cash less economy. Cashless transactions are adopted by every corner of India like small villages and to edges of all across the country. Every elite finds many advantages from this kind of
transactions rather carrying money and move in the market. Cashless economy also increases purchase habits of buyers which results into growth of the economy and in GDP of the country.
Growth: cashless economy helps in many ways in growth of country. It reduces the printing cost of government of India by this it saves the govt. expenses and saves trees with paperless transactions and helps in sustainable development of the country. It helps in alleviation of corruptions from the country as cashless tractions increases transparency in every transaction. One of the very most basic reasons of demonetisation is that it deterge out black money from the economy as it was one of the very big challenge in front of govt. that real business of the businessman is not on the paper as they evading the real money.
Challenges : In current scenario India is facing very major challenges because India was not full prepare for this very bis step of demonetization because currently only sixty percent of total population has bank account and India is also facing undeveloped infrastructure of online banking and ATMs. Other then this education in India is also not very familiar with the cashless economy and online transactions etc. Accessibility of technology is also very big issue in India. Beside all this people of India also shows unwillingness to this Cashless economy.
KEYWORDS: Cashless, Economy, Policy, Trends, E- Cards.
If we glance at the general situation of building the cashless economy, its advantages and uses in the present system it will be aforementioned that cashless economy is that the need of the hour. It has
become vital for the country to travel cashless for the systematic development within the economy. But this should be taken in very systematic way so that the challenges of the cashless economy can remove and it can help the country to growth.
Mr. Piyush Jhalani
Assistant Professor, Biyani Girls College, Jaipur (RJ)
