Cashless India is a mission launched by the Government of India led by Prime Minister Narendra Modi to lower the dependency of Indian economy on cash and to bring hoards of stashed black money lying unused into the banking system. The country commence upon this transition to a cashless economy when the government took the major step of demonetization of old currency notes of Rs and Rs on November 08, India has been using electronic payment systems for many years now. Nonetheless, the retail sector still has majority of cash transactions, and payment through cards is yet to pick up. Cards both credit and debit are one of the safest and convenient modes of cashless payment in retail market. The card payments data shows that even though we have 19 million credit cards, million debit cards and half a million point-of-sale terminals, on an average there is just one transaction yearly for every debit card and 11 transactions annually for every credit card.
Cashless Payment via Smartphone in Singapore
Hassled By A Cash Or Cashless Society? - Words | Cram
India is one of the largest and fast growing countries in the world. Though India has its advantages, it also has its equal share of disadvantages. The main disadvantage is India has the highest poverty rate which is clearly due to the increase in black money circulation in the country. Hence, our PM Mr. Narendra Modi has come up with wonderful ideas to make India the no: 1 country in all aspects.
Cashless Society Essay
A cashless society might sound like something out of science fiction, but it's already on its way. Several powerful forces are behind the move to a cash-free world, including some governments and large financial services companies. However, no society has gone totally cash-free just yet.
Please join StudyMode to read the full document. Following , many companies came into existence with new ideas on how they can utilize the Ecommerce potential at its maximum. Role of E- Commerce in the modern Business: 1. You can buy and sell almost everything at your doorstep with the magic of e- commerce in this 21st century which will be known for information revolution.