Cashless India is a mission launched by the Government of India led by Prime Minister Narendra Modi to lower the dependency of Indian economy on cash and to bring hoards of stashed black money lying unused into the banking system. The country commence upon this transition to a cashless economy when the government took the major step of demonetization of old currency notes of Rs and Rs on November 08, India has been using electronic payment systems for many years now. Nonetheless, the retail sector still has majority of cash transactions, and payment through cards is yet to pick up. Cards both credit and debit are one of the safest and convenient modes of cashless payment in retail market. The card payments data shows that even though we have 19 million credit cards, million debit cards and half a million point-of-sale terminals, on an average there is just one transaction yearly for every debit card and 11 transactions annually for every credit card.
One of the current scenarios India is undergoing is the cashless economy Our Prime Minister Narendra Modi is aiming on. This was done in 2 ways:. The above said process was neither an easy task nor a time savvy one. There are many such problems in the transformation that is taking place.
Essay on Cashless Economy- Advantage & Disadvantage
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Post a Comment Post a Comment 0. Mantoo Kumar - October 12, Essay on Cashless Economy. India uses a lot of cash for a transaction. The ratio of gross domestic product to cash is the highest in the world -