Cashless economy essay ias


cashless economy essay ias

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The cashless economy is the technique of transferring of the economy electronically as this method is used for transferring the money with electronic gadgets such as mobile or any other electronic gadget through which money can be transferred.
The cashless economy was seen to be a tramp hacking of the personal information over the internet such as credit and debit card numbers, PINs, passwords and any other sensitive information due to an increase in digital transactions.
Concept of cashless economy in India the credit goes to our Prime Minister Shri Narendra Modi.

PM Modi have promoted and encouraged to Indian public to use cashless transaction for build great India. After Note Ban, The PM Modi said in his speech cashless economy will increase the strength of India and Indian economy will emerge as a biggest economy in the world. What is a cashless economy? It is a situation in which the flow of cash within an economy is non-existent and all transactions have to be through electronic channels such as direct debit, credit and debit cards, electronic clearing, payment systems such as Immediate Payment Service (imps National Electronic Funds.

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