Cashless India Cashless society

A cashless economy: India has the highest use of cash in the world, according to MasterCard 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: PayTM, 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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