simple click. Additionally for service providers, with the emergence of e-KYC, it is no longer necessary to know your customer physically as the payments model has overcome limitations related to physical presence. The evolution of the telecom ecosystem, with significant reduction in call and data rates, along with the prices of smart phones, is propelling the shift to a cashless economy. Conclusion: True, there are difficulties in implementing the idea of cashless economy in a vast country like India where a large number of people are living under misery and poverty, yet a beginning had to be made someday. Indians are wary of digital modes due to cyber security incidents such as phishing, scanning, website intrusions, defacements and virus code.
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A large number of businesses, even street vendors, are now accepting electronic payments, prompting the 300 word essay on paper people to learn to transact the cashless way at a faster pace than ever before. Rather it will prove beneficial with growth of the Indian economy rising.6 in fiscal year 2018. Prepare GD with. . India is a vast country and the convenience of making transactions through the online mode is not available across the country. Though several companies have come up with inexpensive smart phones still they are not affordable for most of the people in the country. People need not carry any cash in various countries around the world as most of the transactions there are done electronically. Plastic money: This includes credit, debit and prepaid cards. Increased tax collections lead to reduction and simplification of the tax structure.
The Benefits And Challenges For India In Going Cashless
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