cashless economy

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Cashless India

• Cashless society

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A cashless economy

• India has the highest use of cash in the world,
  according to MasterCard report
• Such high use of cash would only strengthen the
  countrys informal economy, which is not in the
  larger interest of the nation
• Reduced use of cash would choke the grey economy,
  curb money laundering and result in increased tax
  collections to the governments coffers.
• Various options towards a cashless or less-cash
  economy include Unified Payments Interface, Bank
  Card, prepaid cards, using various cards at any
  point of sale/ ATM, e-wallet or digital wallet,
  etc.

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Benefits of cashless economy-

• Current cash flow deficit force people to make
  digital payments.
• Security of online transacting companies PayTM,
  is certified under the Payment Card Industry Data
  Security Standard (PCI DSS) 2.0 certification
• There are many more platfors which provides you
  to go cashless with their e-wallets services.
• Cash facilitates drug trafficking, human
  trafficking, extortion, money laundering and
  illegal immigration
• In a cashless society, people would be forced to
  remove savings from under their mattresses and
  keep them in the bank

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Disadvantages-

• It is an intuitive method of exchange and acts as
  a store of value.
• It doesnt come with the transaction fees of
  electronic payment methods.
• Hackers continuously test security systems,
  therefore, entrusting savings to financial
  institutions is not an easy decision.
• Creating fake mobile applications and spyware
  that steal information, or social engineering
  tactics that make you reveal your login
  credentials.
• Forums on Internet are flush with step-by-step
  instructions on how to create fake websites that
  imitate digital payment platforms.

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The impact of mobile wallets in hastening the
transition to a cashless economy is overstated.
Merely 26 of India has internet access, and
there are only 200 million users of digital
payment services. The World Banks
Global Findex shows that Indians are
significantly less familiar with digital banking
the use of credit or debit cards, making
transactions using mobile phones, and using the
internet to pay bills than their peers in
middle-income nations.
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Indians shop with cashless wallets

• Context Growing popularity of e-payments and
  mobile wallets among the youth in the country
• Background Recently, govt. cleared the
  implementation of a few measures to promote
  digital and card-based payments to curb cash use
  in the system
• Measures It includes withdrawal of surcharge,
  service charge or convenience fee on card and
  other digital transactions
• Impact This makes RBIs work easy to bring in
  accountability and transparency in each financial
  transaction
• Future Country is heading for a cashless economy
  with a change in the way netizens make their
  day-to-day transactions

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Why cashless society-

• Because it is also much more risky to conduct
  criminal transactions or avoid the proper payment
  of due taxes in a cashless society, such
  violations are likely to be greatly reduced.
• It eliminates the need to carry cash or plastic.
  Digital payments can be made with a tap or wave
  of a smart phone, depending on the technology
  used. It would make it easier to loan or borrow
  money as with digital payments, lending and
  borrowing can be reduced to a tap or wave of a
  smart phone.

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