Cashless Economy is the economy which can be defined as a situation in which the distribution of the cash in an economy is not done, and all the transaction of the economy is done by the electronic ways.
The transactions of the economy through the electronic way is done by the cards such as credit card, debit card, and other payments options.
The cashless economy has also been undertaken in the Indian economy. By these cashless ways, money can be get easily transferred.
In India, these all types of transfer methods have also been used nowadays.
Types Of Payments In India
The payments of the cash are done through the mobile wallet. In the mobile wallet, you can store the cash as it is mainly a virtual wallet.
Through mobile wallet, you can easily do online or offline payments.
Various services and different types of apps are available on the mobile phone that can use for mobile payments.
Many apps that are used for online payments in India Paytm is the app that is used in a wide range for the transaction of the money.
Not only in India online mobile payments can be in other countries also, but instead of Paytm they use PayPal as the safe option.
Transaction through PayPal is done all over the world. Through mobile payments, you can pay any bills, and for paying you not need to swipe any card, one can directly pay the amount through the mobile transfer apps.
The Advantage Of Cashless Economy In India
The main advantage of the cashless economy in the society is that there will be all the proof of the transaction that has been done.
These cashless economy techniques are also used to tackle the main problem of black money. Through Paytm once the money is transferred you a proof of the transaction with the message at the time when you have transferred the money.
There is also the main problem of duplicate notes, so by this method, this problem could also get solved quickly.
It can also help to reduce the problem of corruption. This process has made transparency in the economy.
By this, the money that is wasted on making notes and to move the notes can also be solved. It can handle the pressure of transferring the huge amount of cash by transferring the cash through mobiles at a time.
Challenges That India Face For Cashless
For a society to be cashless and to use the money transfer through the electronic ways, there should be proper maintenance of the machines, and the infrastructure and the internet connectivity should be proper.
The main challenge to make a cashless society is that the citizens, not every citizen in the society are used to the electronic method, so because of this, they will not be able to transfer money through electronic ways.
Every people in India should know how to operate the paytm wallet and how to do the transaction from it. There should be proper cybersecurity provided to the cash that has been transferred.
A cashless economy is a very easy way of transferring cash and India has also been using this method and transferring their cash in a proper way.
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