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Cashless India

The document discusses India's goal of becoming a cashless economy by reducing the use of cash transactions and increasing digital payments. It outlines government initiatives to promote cashless payments and digital tools like UPI, and examines challenges around infrastructure, education, and security that India must still overcome to fully realize a cashless economy.

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Nimisha darak
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542 views

Cashless India

The document discusses India's goal of becoming a cashless economy by reducing the use of cash transactions and increasing digital payments. It outlines government initiatives to promote cashless payments and digital tools like UPI, and examines challenges around infrastructure, education, and security that India must still overcome to fully realize a cashless economy.

Uploaded by

Nimisha darak
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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CASHLESS INDIA

ACKNOWLEDGEMENT

• I Sincerely Thank Mrs. Vandana Dadich for providing all the necessary
resources and facilities without which it would not have been possible to
complete this project. I came to know so many new things related to this
topic.

Submitted by: Nimisha Darak


INDEX
• Cashless economy
• Uses
• Why Cashless?
• Advantages
• Disadvantages
• Recent digital payment modes
• Government initiatives to make India cashless
• Cashless India : Dream Or Reality??
• Where We Left Behind??
• Conclusion
A CASHLESS
ECONOMY
• India has the highest use of cash in the world, according to MasterCard report
• Such high use of cash would only strengthen the country’s informal economy, which
is not in the larger interest of the nation
• Reduced use of cash would choke the grey economy, curb money laundering and
result in increased tax collections to the government’s coffers.
• Various options towards a cashless or less-cash economy include Unified Payments
Interface, Bank Card, prepaid cards, using various cards at any point of sale/ ATM, e-
wallet or digital wallet, etc.
USES

• Cashless simply means using less cash, everywhere we use cash. Which might be
• HOSPITALS
• PUBLIC TRANSPORTS
• TOLLS
• SCHOOLS
• PETROL STATIONS
• KIRANA STORES
WHY CASHLESS?

• Saves Money and Time:


• Less Cash Decreased Crimes
• Avoid risk of carrying cash
• Freedom in case of change in odd cash transactions
• Fake currency can be avoided
• Tracking of transactions is possible
ADVANTAGES

• Cost Reduction
• Risk Reduction
• Efficient and Convenient
• Tracking spends
• Increased Transparency
• Promotion
DISADVANTAGES

• It is an intuitive method of exchange and acts as a store of value.


• It doesn’t come with the transaction fees of electronic payment methods.
• Hackers continuously test security systems, therefore, entrusting savings to
financial institutions is not an easy decision.
• Creating fake mobile applications and spyware that steal information, or social
engineering tactics that make you reveal your login credentials.
• Forums on Internet are flush with step-by-step instructions on how to create
fake websites that imitate digital payment platforms.
RECENT DIGITAL PAYMENT MODES

• Banking cards(Debit/Credit Cards)


• Banks Prepaid cards
• Internet banking
• USSD (Unstructured supplementary service data)
• Mobile wallets
• Mobile banking
• Point of sale
• Micro ATMs
• AEPS (Aadhar enabled payment system)
• UPI (Unified Payments Interface)
GOVERNMENT INITIATIVES TO MAKE INDIA
CASHLESS
Benefits and
subsidies in 74
government schemes
are been done. RuPay

Under PMJDY 25.78


Aadhar PMJDY
crore bank accounts have
In JAN-DHAN, been opened in rural
AADHAR and areas and cards have
mobile (JAM) been issued.
together can help us
move towards
cashless economy.
CASHLESS INDIA : DREAM OR REALITY??

• While India is trying to take step towards digital, it has a longway to go. Sweden, South Korea,
Denmark, Canada have high percentage of cashless transactions as high as 75-85% Norway
has stopped cheques . Of course, these countries either smaller, or have a more educated
population, higher penetration of organized retail and higher awareness about digital than India
The problem may also be that more often than not users are being pushed to pay digitally and
not the merchant to accept digital payments. You can't just say go for digital and not educate
villagers, the smallest of kirana storeowners or cloth merchants to adopt cashless payments.
points to lack of habit and trust, security and safety standards along with the absence of a fast,
reliable dispute resolution system that ensures people don't abandon cash totally.
WHERE WE LEFT BEHIND??

• Lack Of Education
• Poverty
• Cyber Security
• Online Banking Fraud
• Internet Connectivity
• Some Basic Needs
INDIA IS ON ITS PATH TO REACH ITS GOAL OF A
SHADOW ECONOMY BUT IT NEEDS TO
OVERCOME CERTAIN BOTTLENECKS TO ACHIEVE
THE AIM:

• Infrastructure
• Digital literacy and behavioural change
• Security
• High unbanked population
• Poor smart phone penetration
CONCLUSION
• However number of Cashless Transactions have Increased Drastically.
Specially youth is supporting cashless economy. India does not seems ready
to go for fully cashless but partial cashless is also an option to adopt in
current situation. Rural settlements inclusion in this process will make the
process faster. India could well use the example of countries like Denmark
and Sweden which have managed to go completely cashless.
THANK YOU!

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