Cashless Economy: Short Essay on Cashless Economy.

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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 ).

Cashless India: Meaning, Essay, Speech, Article.

Cashless India is an initiative of the Government of India to promote paperless economy. From time immemorial, man has been engaged in the practice of exchanging goods in return for other goods. In today’s world this crude barter system has been replaced with the introduction of paper currency.Cashless society can be described as a society where people prefer debit cards or credit cards over the cash for their sale-purchase. Intriguingly, some strata of society favour cashless society while others oppose this notion. In the forthcoming paragraphs, I will explain both the advantages and disadvantages of the cashless society along with a considerable conclusion.Cashless India: Meaning, Essay, Speech, Article Introduction. India is one of the largest and fast growing countries in the world. Many countries are competing to bring India’s economy down by various methods. Though India has its advantages, it also has its equal share of disadvantages. The main disadvantage is India has the highest poverty rate which is clearly due to the increase in.


A digital and cashless economy risks financial exclusion if the interests of the poor are not addressed. The glass is half-empty in western economies where technology can disrupt the social fabric by stealth. The glass is half-full in geographies such as Kenya where technology has been an enabler for financial inclusion for 10 years: a case study explores the impacts of M-Pesa. 2 Non-Business.A Cashless Society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties.

Cashless is a word which truly implies having no trade yet out the present world, it alludes to utilizing advanced type of installments rather than money for installment of different costs or exchanges done by the person. To comprehend this term better we should take a gander at points of interest and detriments of cashless economy. Favorable circumstances of Cashless Economy.

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Cashless economy is referred to the economy where no liquid money is used. All the transactions are carried out using plastic cards or by electronic means. A cashless transaction is nothing but electronic transaction of one’s money with the aid of internet banking, credit card, debit card, e-wallet, etc.

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A cashless transaction refers to an economic setting whereby goods and services are transacted without cash (Paul and Friday 2012), either through electronic transfer or cheque payment. The effect of cashless payment on an economy can be analysed by the Diffusion of Innovation Theory (DOI). The concept was first introduced by Roger in 1962 where he explained how innovation is diffused to.

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Cashless Economy - Read what is cashless economy, what are advantages of cashless economy. Also read about prepaid payment instruments - open wallets, plastic money, net banking, semi-closed wallets. Learn what is UPI. Download Cashless Economy essay PDF for UPSC 2020.

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Cashless India is a recently introduced phenomenon targeted to bring a transformation in the country’s economy by the Indian government, to change the cash-based economy into cashless through digital means. However, still there are various obstacle to be addressed if we want to make India cashless in true sense. India is a huge country and the convenience of making transactions through the.

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Cashless transaction economy doesn't mean shortage of cash rather it indicates a culture of people settling transactions digitally. In a modern economy, money moves electronically. Hence the.

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Cashless economy is being considered vital mostly because at the rate at which the world is progressing, with almost all mediums of recording, exchanging and managing commerce have shifted to a digital platform. Some countries have now set a limit to the amount of money that can be transacted through digital means, mostly as a step to curb the circulation of illegal money and to keep track of.

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It is important that, if society moves toward a cash free economy, the benefits must out weigh the negative aspects in the end. There are major social and economic benefits to a cashless society such as reduction in cash related crimes and monetary benefits. There are major negative implications with a cashless society such as privacy issues and losing the liberty of cash. A cashless society.

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Cashless society is an economic concept where financial transactions are executed in an electronic format rather using banknote. In a cashless society, each party will have an electronic card or device which will be used to execute the transaction. The cashless transaction may be executed in the form of Credit card, Debit card, Mobile wallet, Point of sales (POS), Internet banking, Mobile.

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