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Cashless Economy

This document discusses the benefits and challenges of moving to a cashless economy in India. It notes that a large portion of black money currently circulates in cash, and that demonetization is intended to reduce this. A cashless economy would involve all electronic payments instead of cash or checks. This could help increase transparency but may also raise privacy and security issues. Popular cashless payment methods mentioned include credit/debit cards, e-wallets, digital currencies, and mobile payments. While a cashless system may curb illegal activities, it also presents new risks and challenges that would need to be addressed during a transition period.

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Dinesh Dini
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131 views28 pages

Cashless Economy

This document discusses the benefits and challenges of moving to a cashless economy in India. It notes that a large portion of black money currently circulates in cash, and that demonetization is intended to reduce this. A cashless economy would involve all electronic payments instead of cash or checks. This could help increase transparency but may also raise privacy and security issues. Popular cashless payment methods mentioned include credit/debit cards, e-wallets, digital currencies, and mobile payments. While a cashless system may curb illegal activities, it also presents new risks and challenges that would need to be addressed during a transition period.

Uploaded by

Dinesh Dini
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Cashless Economy

Sovin K Thomas
Black money
• People intentionally do transaction in cash to save income tax.
• All illegal activates like money laundering, kidnapping, Bribe to
government officers, terrorist activities consummate in cash
payments.
• Indian companies are reportedly misusing NGO and public trust for
money laundering.
• Generally people convert their black money into Gold and real estate.
• Still 8% of total black money is in cash.
• Recent demonetization will help to reduce black money which is in a
cash form.
Traditional Payment Methods
Payment: The transfer of money from one individual or legal
entity to another

 Cash

 Personal Cheques

 Money orders (Bank note)


Selection of Payment Method
 Based on:
 Convenience
 Trace-ability
 Repudiation
 Financial risk
 Fraud protection

2001 4
What is a Cashless Society?
• No paper money or coins
• Everything is electronic
• Payment via E-wallets
• EFT- Electronic Funds Transfer
• EPS – Electronic Payment System
• Microchips/Smart Cards
Impacts of a Cashless Society
 Transition process
 Education process
 Economic implications
 Universal acceptance
 What’s next?
Security Benefits
 Electronic means of recognition
 Verification records of all transactions
 Computer errors are far less common than human
errors
Security Risks
 Misuse of technology
 Potential for a new crime frontier
 Less regulation and scrutiny

Cashless Controversies
 Much less privacy
 Wasteful spending
 People taking on more debt
 Bad for those who are reliant on cash
Various E-Payment Methods
 Credit and Debit card
 Digital Currency

2001
 E-Wallets
 Peer-to-Peer Methods
 Smart card
 Micro-payments
 B2B
•
Credit/Debit Card
 The most popular payment method
 Cards are issued by a bank
 Unique 16-digit number (including check digits) and an expiration

2001
date
 Third party authorization companies verify purchases
•
E-Wallets
 Established by financial institutions in partnership with member E-
Commerce sites
 Allows customer to submit billing and shipping info with one click at member

2001
sites
 Also can store e-Cheques, e-Cash and credit card information
 Not as popular as originally projected
 Entrypoint’s InfoGate offers an e-wallet

THANK YOU

Sovin K Thomas

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