Cashless Payments and the Persistence of Cash: Open.
A cashless society might sound like something out of science fiction, but it's already on its way. Several powerful forces are behind the move to a cash-free world, including some governments and large financial services companies.
Sweden in move to cashless economy. Sweden is (1) destined to become the first country in the world to switch from banknotes and coins to a (2) cashless economy. Only three per cent of transactions in Sweden are made using cash; the (3) rest is credit cards or mobile phone payments.
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 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.
A cashless or a digital economy will require all the residents to have a bank account. This will lead to higher financial inclusion rates and will also help build a bridge between Bharat and India. Also, since digital transactions can be easily tracked, the incidences of tax evasion will reduce drastically and in the long term will help the common people in terms of better implementation of.
A cashless economy is a system where payments are made by electronic means rather then using cash or check to pay for goods or services. In an economy that is “cashless”, a person would pay with plastic methods like credit cards, debit cards or smart cards.
A cashless economy is a system where any type of money transactions are done through digital means like debit cards, electronic fund transfer, mobile payments, internet banking, mobile wallets, and other newly evolved payment channels, this will l.