Ready for a Cashless Economy In India? Surprise

Cashless Economy in India – Cashless economy is a term which is referred to a state where money is being transferred as well as exchanged in a digital mode. Does not involve any type of money notes coins or any other form of physical money which can be used to buy things. Although debit cards and credit cards do not fall under this category.

All the exchange of money is done through electronic channels such as debit cards could it cards electronic payment or immediate payment services or the real-time gross settlement in India. There are various ways and methods to have a cashless economy in India.

The Mobile wallet

It’s implied refers to a wallet that is available on your phone in this you can store the cash and use it for any online or offline payments. There are wearing service providers which offer various wallets on mobile phones which can be easily downloaded on any phone through Apple Store or Play Store. Development of Technology these mobile wallets have a high level of security and a very easy to use. Cashless Economy in India.

Cashless Economy in India

Plastic money

Plastic money is used to denote all credit cards, debit cards, and prepaid cards. Cashless Economy in India will be a step towards growth. Through this, any payment can be done including recharge online as well as net banking which even gives various rewards and gift cards.

Net banking

Net banking is a method that does not involve any wallet or is this is a simple method of online transfer of funds and money from one bank to another bank using a credit card or a third party. Apart from this, there are various other categories of wallets for the service of the customers. Cashless Economy in India.

Their wallets are

  1. Open
  2. Semi-open
  3. Closed
  4. Semi-closed 

The perk of a cashless economy in India

There are various advantages of the economy in India but the main advantage is that it can keep a record of all the economic transactions from local humans to even celebrities. 

This will Sustain India from having black money or underground market which often are a big factor in damaging the national economy. This will reduce the types of corruption as well as Black Money that enters the system for various criminal offenses. Cashless Economy in India helps us to be without actual cash which further helps us to get robbed.

The danger of circulation of fake currencies will be reduced it will be easy for the Income Tax Department to impose proper tax based on the income of every Indian. 

A cashless economy will bring a better transparent c and accountable T in the desert system as a let it is very convenient and has the potential to improve the entire market efficiency. This will save a lot of paper which is used in the production of making new notes as well as will bring coins down.

But is India ready for it?

India is partially ready to have a cashless economy. India is a country with a wide population who are still below the poverty line and no education to use and adapt to a cashless economy. To have a cashless economy, the most important tool is having a smartphone with high-speed internet which is still, a dream for the poor population. 

If we dig down, many regions and villages are still in the dark. People living there are still waiting and praying to have a stable electricity connection. So how can we expect people of such areas to be familiar with the concept of a cashless economy?

People still dream of the internet and stable connectivity,  thus it’s difficult to adopt such a high-tech culture where they are Even not sure about how to use it and the perks linked to it.

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