Cashless transactions booming in India
News Kashmir Analysis
India is taking rapid strides towards becoming a cashless economy which is a great development for one and all.
When the transactions in an economy are not heavily based on the money notes, coins or any other physical form of money but are aided by the use of credit cards, debit cards and prepaid payment instruments, such an economy is called cashless economy.
India is taking huge steps to become a major cashless economy.
As a matter of fact, The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of professed role of Digital India
The country is leading the way towards a cashless economy. India with 89.5 million digital transactions in the year 2022 has topped the list of five countries in digital payments, according to government data.
We need to bear in mind that few time back, cashless economy refers to a system where digital transactions have taken completely over physical cash. Instead, digital channels such as debit cards, credit cards, internet banking, mobile wallets, electronic fund transfers and digital currencies are used to carry out day-to-day transactions.
In India, few time back
A tweet by MyGovIndia, a citizen engagement platform of the government of India, read: “India keeps dominating the digital payment landscape! With innovative solutions and widespread adoption, we’re leading the way towards a cashless economy.”
External Affairs Minister S Jaishankar has said that the number of cashless transactions the United States does in three years, India does in a month. Jaishankar’s statement came while he was interacting with the people of the Indian community in Nigeria recently.
The country will see lot of benefits by becoming a cashless economy.
Cashless Economy enhances convenience, as digital payments can be made anytime and anywhere, reducing the need for carrying physical cash. It improves transparency and accountability, as digital transactions leave a digital trail that can be tracked and audited.
Greater application of digital payments will save a lot as it will help in bringing down the cost of cash in India. The development of a cashless economy would lead to transparency, curb corruption and lead to convenience for economic growth.
Be it Kashmir or anyother part of the country cashless transactions are taking a major place and having the edge .
