Cashless Economy: Opportunities and Challenges in India
- Author Suman Bansal
- DOI
- Country : India
- Subject : Commerce
Keywords : Internet Penetration, Mobile Penetration, Cyber Security, Digital Literacy
Abstract
Cash may be defined as the legal common way for all kinds of material transaction in an economy. In a highly unorganized economy, the circulation of currency notes without disclosing of its actual income to appropriate authorities provides enough scope for accumulation of black money in the hands of people as well as circulation of duplicate currency notes. So, it is necessary to promote digital transaction & plastic money in order to track all the payments and income sources of people. Indian governments also inclined to transform Indian banking system from traditional branch based practices to technology driven cashless banking. And for this it provides enough opportunities such as increasing mobile & Internet penetration, raising disposable income, ensuring various life style, urbanization, increasing foreign investment and latest economic and taxation reforms etc. to accelerate digital transactions but we have to encounter number of challenges also like poor Internet connectivity in rural areas, digital literacy, cyber security issues, highly fragmented unorganized economy, etc. Now we can conclude that we have initiated such measures which will paves the way for such a digital transformation of Indian economy.
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