WhatsApp Video 2022-04-04 at 9.27.37 AM.mp4. Cashless Economy: Challenges in India.
i.mp4. What is Cashless Economy?. A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties..
p.mp4. What is the Purpose of Cashless Economy?. Some of the major reasons to implement cashless economy are:- To control the movement of illegal money from circulation in the economy, better tracking of transactions and ease of carrying of financial transactions at any point of time from any place..
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a.mp4. As per the survey and data collected, only 26% has access to the internet and choose online payments as an option for transactions. Making the people aware of the privacy and security under cashless transactions is another challenge for the government in India. As the cashless economy in India is also taking time to recover as people do not trust the privacy terms of the online portals, platforms and applications..
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