Cashless India Cashless society A cashless economy India
- Slides: 5
Cashless India Cashless society
A cashless economy: • India has the highest use of cash in the world, according to Master. Card 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: Pay. TM, 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
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.
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