Essay on Cashless Economy, Cashless Economy Essay in English
Cashless economy means the economy within which cash flow is non-existent and all transactions are from debit and credit card, electronic clearing and payment system such as immediate payment service (IMPS), national electronic funds transfer (NEFT) and real-time Gross Settlement ( RTGS ).
India uses a lot of cash for a transaction. The ratio of gross domestic product to cash is the highest in the world - 12.42% in 2014, compared to 9.47% in China or 4% in Brazil. Less than 5% of all payments are electronically, the expansion of telecommunications and smartphones will provide near future digital transformation.
The private sector can be the center of this change. The government is digitizing all departments to promote electronic departments. Prime Minister Jan Dhan Yojana can be beneficial in this area.
Cash withdrawal can be avoided by reducing the cost of transferring fake currency notes and the expenditure on the transit of counterfeit notes, as well as a reduction in value addition, black money, corruption, tax evasion and reduction in real estate value. But the barriers do not reduce these obstacles, the slow speed of the Internet, cybersecurity, the fear of charging more people, lack of illiteracy and awareness, and the use of personal payment wallets of banks. R.B.I. giving licenses to the promotion and payment bank is a good initiative for the cashless economy. By securing this, by removing the ATM withdrawal fee, India can make the cashless.
The biggest problem for cashless is the availability of technology and awareness among the people. Given the population of the country, it is difficult to provide cashless equipment at retail shops and malls and business establishments. People do not know how to use modern equipment.
The availability of cashless technical equipment must be made comprehensive and train the common people for the arrangement of its transactions.
This scheme can only succeed if the common people will be able to use the technology. For this, the literacy campaign will have to focus on technological literacy. The educated youth must give information about the latest technology that is related to cashless and to train the common man.
If cashless transactions succeed in India then it will be a miracle and India will soon become an economic powerhouse. Our government has taken steps in this direction and the world is watching it and we have to face the world.
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