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A Cashless future is real goal of  India's  Demonetization move........

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 country’s 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 government’s 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.

   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 ewallets 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

DISADVANTAGES:-

„  It is an intuitive method of exchange and acts as a store of value.

„  It doesn’t 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.

INDIAN SHOP WITH CASHHLESS WALLET:-

„  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 RBI’s 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 netizen’s make their day-to-day transactions

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.

THANK YOU

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