In cashless transactions, payments are made or accepted without the use of hard cash. Online payments rule out the necessity to carry cash, and they also save time, as business owners and customers no longer have to queue up for ATM services. Going cashless reduces the hassle of drawing cash and frees from the tension that whether cash-in-hand is sufficient to make a payment or not. With cashless and digitized payment system it has become more efficient and convenient for the masses. This also speeds up the process of the financial transaction. Illiterate poor people may find it a very hard job to do as many of them have no functional bank accounts or the knowledge of using digital platforms for a monetary transaction or the financial ability to buy a smartphone. Traditionally, India has been a cash based economy. Government’s step to capture all black money, undeclared assets and recent Covid pandemic has necessitated contactless payments and boosted the cashless transactions. The real path for the cashless economy was laid in 2016 by the implementation of demonetisation.

Ridhi Kumari

200 resources

0

0

0

Like