essay on cashless india 500 words

Essay on Cashless India

Students are often asked to write an essay on Cashless India in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

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100 Words Essay on Cashless India

Introduction.

Cashless India refers to a scenario where the flow of cash within an economy is non-existent and all transactions are done digitally.

Benefits of Cashless India

A cashless India can reduce corruption and black money. It also makes transactions convenient and quick, saving time and effort.

However, it also poses challenges like the risk of cyber-crime, need for internet connectivity, and digital literacy.

Despite these challenges, with proper measures, a cashless India can lead to a transparent and efficient economy.

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Paragraph on Cashless India

250 Words Essay on Cashless India

Introduction to cashless india.

India is rapidly advancing towards becoming a cashless society, a society where financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information. This shift is fuelled by the rapid penetration of internet-based services and the proliferation of smartphones.

Driving Forces Behind Cashless India

The demonetization initiative of 2016 acted as a catalyst in the transition towards a cashless economy. The government’s push for digital payments, including the introduction of UPI, mobile wallets, and digital banking, has further accelerated this transition. The objective is to reduce dependency on cash, which is often associated with black money and corruption.

A cashless society offers numerous benefits. It promotes transparency, reduces the risk of money laundering and illegal activities, and enhances the ease of conducting financial transactions. It also aids in financial inclusion, enabling even the most remote and rural parts of the country to participate in the economy.

Challenges in the Path of Cashless India

However, the journey towards a cashless India is fraught with challenges. These include digital illiteracy, cybersecurity threats, and the lack of reliable internet connectivity in remote areas.

Despite these challenges, the vision of a cashless India is not unattainable. With the right policies, infrastructure, and awareness campaigns, India can successfully transition to a cashless economy. This shift would not only revolutionize the financial landscape but also contribute significantly to the country’s economic growth.

500 Words Essay on Cashless India

The concept of cashless india.

In a world where technology is rapidly advancing, the concept of a cashless society has become increasingly relevant. A cashless society is one where all financial transactions are conducted through digital means, eliminating the need for physical currency. India, being one of the fastest-growing economies, has been striving towards this goal, aiming to transform into a cashless society.

The Push Towards Cashless Transactions

The drive towards a cashless India gained momentum after the Indian government’s decision to demonetize high-value currency notes in November 2016. This move was aimed at curbing black money and promoting digital transactions. Following this, the government introduced various digital platforms like UPI (Unified Payments Interface), BHIM (Bharat Interface for Money), and digital wallets like Paytm, PhonePe, which have made online transactions seamless and efficient.

Benefits of a Cashless India

A cashless India offers numerous benefits. Firstly, it aids in curbing corruption and black money as all transactions are recorded, making it difficult for illegal transactions to go unnoticed. Secondly, it promotes financial inclusion by bringing the unbanked population into the formal banking system. Thirdly, it is convenient as it eliminates the need to carry cash, reducing the risk of theft or loss. Lastly, it can lead to significant cost savings in the long run, as the cost of printing, storing, and transporting physical currency can be avoided.

Despite the numerous advantages, the path to a cashless India is fraught with challenges. Firstly, digital literacy is a major concern. A significant portion of India’s population is still not comfortable with digital transactions due to lack of awareness and understanding. Secondly, in rural and remote areas, access to the internet and reliable electricity is still a major issue. Lastly, cybersecurity is a critical concern. With the increase in digital transactions, the risk of cyber frauds and data breaches has also increased, which can deter people from adopting digital payment methods.

The Future of Cashless India

The future of a cashless India looks promising, but it requires a multi-pronged approach. Increasing digital literacy, improving internet connectivity, and strengthening cybersecurity measures are crucial. Also, the government and financial institutions must work together to build trust among the public in digital transactions.

In conclusion, the transition to a cashless society in India is a journey filled with opportunities and challenges. While the potential benefits are enormous, the road to achieving it is complex. With strategic planning, effective implementation, and public participation, the dream of a cashless India can become a reality.

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An Introduction to Cashless India

A cashless India is the first step towards making the dream of digital India a reality. In this cashless India essay, we will be talking about the meaning of ‘cashless’, the different alternatives for our monetary system, and the disadvantages and advantages of a country going fully cashless and digital in its economy. The following cashless India essay in English is for students studying in class 5 and above. The language here has been kept simple for a better understanding of young students. This essay on the cashless economy in India would enable young students to write an essay on the cashless economy in India on their own.

As we know that cashless India is the new India and with the decision made by our honourable prime minister to demonetize money used previously, this concept of going cashless has become very popular. Although there are some disadvantages of going cashless, along with that there are more benefits as well. In this essay, you will know about everything that will help you to get better information about the concept of India going cashless.

Essay on Cashless India

On the evening of November 8, 2016, at 8 P.M., Narendra Modi, the Prime Minister of India announced the demonetization of 500 and 1000 rupees notes in India. That historic decision had many reasons. One of the reasons was laying the stepping stone towards the dream of a cashless India.

The traditional form of monetary transactions happens with the exchange of physical hard cash between people. Cashless India is going to make it almost redundant. This idea has got a huge amount of push due to the ongoing COVID-19 pandemic, given the concerns with the exchange of physical cash. There are a lot of advantages to going cashless. Remember that everything has a positive as well as a negative aspect. It is not that there won't be any disadvantages of going cashless but the thing is that you tend to find the ways by which you can prevent these disadvantages from harming you. All that you need to do is be more careful. As we all know, prevention is always better than cure.

First of all, let’s understand the meaning of a cashless economy. A cashless economy is one in which the liquid transactions through the system happen with the exchange of plastic currency or through digital currency. ATM debit and credit cards are plastic currency and online payments come under digital currency. The advent of blockchain technology has redefined the meaning of a cashless economy through bitcoins. A decentralized system of finance is defined by the concept of bitcoins, but we are not focusing on that in this particular essay on cashless India. We are more focused to discuss why India needs to go cashless and what are the benefits that will come with India taking on this new change. This essay provides you with information on the advantages and disadvantages of the digital payment system also. It is not that you are not going to face any problem in online transactions, you must have heard that a coin has two sides and just like that, this topic of cashless India also has both pros and cons. Let’s move on to the pros and cons of a digital payment system.

We can see the Three Main Advantages of Cashless India.

Reduction of Black Money

Black money is the money that is earned but not accounted for in taxes. That money is hidden by people from paying taxes. This black money is an illegal instrument in an economy that is capable of reducing a government down to bankruptcy. The cashless economy will ensure there’s no black money since unlike hard cash digital money cannot be hidden. At least there is no way yet that could make the hiding possible. Digital money enables governments to track all transactions in an economy that helps keep the income authentic and transparent. The technology behind the digital economy has to be well updated and sturdy though.

Transparency

India has corruption inbred in its system starting from the ministerial level to the watchman level. And it exists due to the lack of transparency in our monetary system. In an economy that is as big as India, transparency is a huge issue. We have learned of scandals like the CWG or 2g scams or the Rafale Jet scams over the years, and these scams are a result of the lack of transparency in transactions. It’s a shame that a small cashless economy in India essay would never do justice to the topic since it will never be enough to write about all of the corruption scandals India has had since its independence. Corruptions of this scale could be brought down to a large extent if we could achieve that dream of a cashless economy throughout. And it's possible because the origin and endpoint of a transaction could easily be tracked in a cashless economy and that’s the biggest advantage.

There are Two Major Disadvantages of Cashless India.

Online Theft

With the improving technology every day, there’s a rampant increase in online cheating and fraud episodes. If the government is unable to achieve sturdy and not-possible-to-hack digital systems, in a country like India with a 135 crore population, it is completely impossible to make the economy cashless. People are still afraid of making big transactions online after watching the reports of online thefts on national news channels.

Infrastructure, or the Lack of it

Not just the government infrastructure, it requires infrastructure on an individual level too. A gadget or a smartphone, data connectivity, and electricity for charging the phones regularly are the basic requirements for making online transactions possible. These are privileges that exist mostly in urban India and most of rural India is still deprived of these privileges. The government should first fix this before even dreaming of making a cashless India possible.

The Government of India took the whole country by storm by announcing the demonetization on 8th November 2016. 500- and 1000-rupees notes were no longer legal tender. This move was aimed at getting rid of the black money in the economy that was largely used to fund criminals and terrorists and formed a parallel economy. The acute shortage of cash led to long queues outside ATMs and banks trying to withdraw cash or exchange notes. This was all to initiate the fruition of a dream of cashless India.

With the enormous amount of technological revolutions happening, it is close to impossible to find people without a smartphone in these times. Almost every citizen possesses a smartphone. The ease of transaction through interfaces like GooglePay or PhonePe or Paytm has never been more seamless than this. The Indian government has also introduced interfaces like UPI or Unified Payments Interface for hassle-free digital transactions that are fully cashless.

In recent years, we have been asked to be in very less contact with each other. This is because of the communicable diseases of Covid-19 that have seen an adverse effect throughout India. For this reason, online payments have recently been the most popular means of transaction. The money will directly get transferred to the account of the user from our account; all you need to do is just download the app that you can use for the transaction.

In the end, the demonetization step became crucial to start a cashless economy in the country. It has paved the way towards an economy in India that is defined by greater transparency and convenience and ease in monetary transactions.

FAQs on Cashless India Essay

1. Which Country is fully cashless?

There are a lot of benefits of going cashless and most of the benefits are discussed over here. Now the world is more focused on how to go cashless as they are well aware of the advantages that they will have after going cashless. This is the reason that most of the countries are seeking some changes and making constant efforts to make their country cashless. Going cashless will improve technologies and will also increase your economy. That is also one of the main reasons why this world is more focused on going cashless. Sweden could achieve a near cashless economy in the world.

2. Name the different Digital Currencies in the world?

Just as in terms of cash, we have rupees or dollars or pounds and so on. In the same way, it is not like only one kind of digital currency is used throughout the whole world. There are different kinds of currencies that the world uses for online transactions. Litecoin, Bitcoin, Ethereum are some of them that were found to be in existence as of 2020. You need to have good knowledge about these currencies and then you can easily transfer the money.

3. What are the apps that you can use to transfer money directly into another person's account in India?

In India going cashless is the new normal. People are using online money apps such as Google pay, Paytm, Payz app, PhonePe to make the transactions directly through their phone and bank account but when we talk about the currencies being used currently, Indians are more preferably using bitcoins as their online currency. India is now making efforts to go cashless and increase its economy.

4. How much is India cashless now?

In recent years, at the time of Corona, it was advised to people not to make contact with each other. It was at that time that the cashless India concept was created and the apps like Google Pay etc came into existence. The app was introduced in India before it came into use. In the covid time, most people used the cashless way of payment. The census has proved that 37% of India has not paid using cash since the Corona times.

5. Is it possible to have cashless India anytime sooner?

Given the regency usage and increased usage of the apps such as Google pay and Paytm and the increase in the number of vendors who have accepted this method of online payment, the more India can be cashless. The most difficult thing will be to make the people of India agree to use these online methods of payment and move toward increasing the other economy of India. India too can be cashless; it is just that we need to create awareness among people regarding this.

Essay on Cashless India | Pros & Cons | A Critical Analysis | 100, 150, 200, 300, 500 Words

A cashless economy is a way of doing business and buying things without using physical money. Present age is the digital age where cash is no longer king. It’s no surprise that India is moving towards becoming a cashless economy. The money is stored in cards or smartphones electronically. It’s like having a type of invisible money that you can use to buy things. Here are 5 amazing examples essay on cashless India .

Essay on Cashless India- 100 Words

India is moving towards a cashless future. We are changing the way we make payments. A cashless India means using digital methods for payments. We don’t use physical money in a cashless economy. It brings comfort and safety to transactions. With digital payments, we can shop online, pay bills, and transfer money more quickly. Cashless transactions reduce the risk of theft. They also make it easier to track expenses. It also helps people to learn more about money and how to use it responsibly. Everyone can participate in a digital economy. Using a cashless system in India makes it easier for us to handle our money. save time and contribute to a more efficient and progressive society.

Cashless India Essay- 150 Words

India is undergoing a revolution. Our country is swiftly progressing towards becoming a cashless society. This means we are shifting from using physical currency like notes and coins to electronic forms of payment. The main goal behind this change is to fight corruption and control the use of unaccounted money. To promote digital payments, the government has implemented various measures. Demonetization in 2016 was one such step. Along with the introduction of several schemes government also launched their digital payment apps like the BHIM app and Aadhaar Pay. The private sector has also played a significant role by introducing their own payment platforms such as Google Pay, PhonePe, Paytm etc. The transition to a cashless economy benefits not only the government but also individuals. Cashless transactions provide easy access to financial services and reduce the risk of theft. However, there are challenges to overcome, especially the lack of infrastructure in rural areas, which limits people’s access to these services. In conclusion, the shift towards a cashless India has both advantages and disadvantages. Embracing digital transactions instead of physical money can lead to a more transparent and efficient economy. It means we don’t have to rely on coins and notes as much.

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Essay on Cashless India- 200 Words

Are you tired of carrying heavy wallets and losing cash now and then? Well, the solution is here – Cashless India! In recent years, the Indian government has been pushing for a digital economy to reduce corruption, increase transparency, and promote financial inclusion. The concept of going cashless might seem difficult at first, but once you understand its benefits, it can revolutionize the way we transact in our everyday lives. In the future, we want India to become a cashless country. It means we won’t need to carry money in our pockets. Instead, we can use special ways to pay for things using our phones or cards. These special ways are called digital payments. We can use mobile wallets, credit cards, or UPI to buy things without using coins or notes. It’s convenient, safe, and makes everything easier. We can pay for things with just a few taps on our phones. But there are some things we need to think about before making India completely cashless. Not everyone has access to digital technology or knows how to use it. Some people might feel uncomfortable using phones or computers for payments. We also need to be careful about cybersecurity. It means we also need to protect our online payments from hackers. These are important challenges we need to solve before we can have a cashless India for everyone.

Essay on Cashless India | 300 Words

Imagine a world where you don’t need to carry physical money. That’s what a cashless India is all about. It means using digital methods like mobile wallets, online banking, and cards to pay for things. It’s like having a virtual wallet. This makes shopping online super easy. No more long queues or worrying about having exact change. It’s convenient and saves time. One of the coolest things about a cashless India is the safety it offers. When you use digital payments, you don’t have to carry a lot of cash, which means there’s less risk getting it stolen. Plus, every transaction leaves a digital trail, making it easier to keep track of your expenses. You can see where your money goes and plan your budget better. It’s like having your own money superhero! Going cashless could also help to boost the economy by making it more efficient. For example, businesses would no longer need to handle large amounts of cash, which can be costly and time-consuming. Similarly, consumers would be able to make payments more quickly and easily using their mobile phones or other devices. However, there are also challenges that need addressing before we can realize this vision fully. For instance, rural areas still lack internet connectivity and digital literacy; cybercrime is also on rise; privacy concerns remain unresolved. And not all small vendors accept online payments yet. In short, achieving a truly cashless India requires sustained efforts from all stakeholders – citizens, banks, regulators – to overcome these hurdles. Cashless India also promotes financial addition. It means that everyone, no matter where they live or how much money they have, can participate in the digital economy. Even people who don’t have bank accounts can use mobile wallets to pay for things. This opens up opportunities for everyone to be a part of India’s progress. It’s like giving wings to dreams and empowering people to chase their goals. In conclusion, a cashless India brings convenience, safety, and financial stability. It’s a digital revolution that benefits everyone.

Advantages of Cashless India edumantra.net

Essay on Cashless India | 500 Words

India has been moving towards a cashless economy for some time now, and it’s exciting to see all the changes that come with it. From digital payment apps to contactless payments, there are plenty of options available for those who want to embrace this new way of living. But what does a cashless India really look like? Let’s explore the benefits and challenges of making the transition from cash-based transactions to digital ones. However, this is changing. The Indian government is promoting the use of plastic money and digital payments, in a move to make India a cashless society. The transition to a cashless economy will not be easy, but it is necessary in order to realize the full potential of the Indian economy.

Meaning of Cashless India?

Cashless India refers to a digital payment ecosystem where financial transactions are conducted without the use of physical cash. This means that money is transferred electronically through various modes of online payments. These payments can be through debit/credit cards, mobile wallets, UPI (Unified Payments Interface), and other digital platforms. This would reduce the role of cash in the economy and make it easier for the government to track spending and collect taxes. There are many advantages to moving towards a cashless society. it would help to reduce crime, as criminals would no longer be able to get away with stealing physical money. Cashless transactions are often faster and more convenient than paying with cash.

Advantages of Cashless India

The transition towards a cashless society in India presents both advantages and drawbacks. Advantages include increased convenience as digital transactions are faster, easier to make, and more secure than traditional cash payments. Additionally, it can help curb corruption by reducing the prevalence of black money and illegal activities. Let’s see in detail- Convenience and Accessibility- Cashless transactions offer convenience and accessibility to individuals across the country. With digital payment methods, people can make transactions anytime and anywhere, without the need to carry physical cash. This ease of use is particularly beneficial in situations where immediate payments are required or when physical currency is not readily available. Enhanced Security- Cashless transactions provide a higher level of security compared to traditional cash transactions. When using digital payment methods, there is no risk of loss due to theft or misplacement of physical currency. Additionally, measures such as encryption, biometric authentication, and two-factor authentication help protect users’ financial information and minimize the chances of fraud. Transparency and Accountability- Moving towards a cashless economy promotes transparency and accountability in financial transactions. Digital payment systems generate electronic records of every transaction, making it easier to track and monitor financial activities. This can help in combating corruption, money laundering, and other illicit activities, as well as facilitate better tax compliance. Financial Inclusion- One of the significant benefits of a cashless India is the potential to increase financial inclusion. By providing access to digital payment systems, even to those without a traditional bank account, more individuals can participate in the formal financial ecosystem. This empowers people to save, borrow, and engage in economic activities, fostering economic growth and reducing income inequality. Cost Efficiency for both Public and Government- Adopting digital payment methods can lead to cost savings for both individuals and the government. Cash transactions involve the printing, transportation, and storage of physical currency, which incurs expenses. On the other hand, digital payments significantly reduce or eliminate these costs, making transactions more efficient and cost-effective in the long run.

Disadvantages of Cashless India

On the other hand, one of the major concerns with going cashless is accessibility for low-income families who may not have access or knowledge about digital payment methods. It also poses a risk for individuals who are digitally illiterate or those living in remote areas without proper internet connectivity. Dependency on Technology- A cashless society relies heavily on technology and digital infrastructure. Any disruption in connectivity, power outages, or technical glitches can hinder transactions, leaving people without the means to make payments. Cybersecurity and Data Privacy Risks- Cashless transactions involve the exchange of sensitive personal and financial information. This data is susceptible to cyberattacks, hacking, or data breaches, which can lead to identity theft or financial loss. Safeguarding cybersecurity and ensuring robust data privacy measures are essential to mitigate these risks in a cashless society. Limited Acceptance and Interoperability- Despite the growth of digital payment options, there are instances where cash is still the preferred mode of transaction. Small businesses, street vendors, and rural establishments may not have the necessary infrastructure or acceptance mechanisms for digital payments. Limited acceptance and interoperability can create inconvenience and limit the usability of digital payment systems. Technological Disruption and Skill Gap: Transitioning to a cashless economy requires a significant shift in behavior and mindset. It may disrupt traditional businesses and livelihoods that heavily rely on cash transactions. Moreover, it can create a skill gap among sections of the population who may not be familiar with or resistant to adopting digital payment methods, hindering their participation in the economy.

How to Go Cashless in India

Going cashless in India may seem challenging for some, but it’s actually quite easy. Here are a few tips to help you make the transition:

1.Get familiar with digital payment apps: There are several popular digital payment apps in India such as Paytm, Google Pay, PhonePe and more. Download one or two of them and get comfortable with how they work. 2.Link your bank account: Once you have downloaded a digital payment app of your choice, link your bank account with the app so that you can easily transfer money from your bank to the app. 3.Use UPI (Unified Payment Interface): UPI is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. It allows users to instantly send and receive money using a virtual ID linked to their bank account. 4.Educate yourself about online payments: Before making any online purchase, ensure that the website is secure and has SSL encryption enabled to protect your personal details.

What are the Different Payment Methods in India?

India is a country that has embraced digital payment methods over the past few years, and there are several options available to consumers. Firstly, there are mobile wallets like Paytm, PhonePe, and Google Pay which allow users to store money digitally on their smartphones and make payments at participating merchants. These wallets also offer cashback rewards for certain transactions. Secondly, debit and credit cards are widely accepted in India with most businesses having enabled card machines for payment processing. This method of payment is secure as it requires authentication through a PIN or signature. Thirdly, Unified Payments Interface (UPI) allows users to transfer funds between bank accounts instantly using just an email address or mobile number. This system eliminates the need for bank account details making it easier to send money even without knowing the recipient’s account number or IFSC code.

Net Banking is another popular option where customers can log into their banks’ online portals from anywhere in the world and conduct transactions such as paying bills or transferring funds. India offers a diverse range of payment options that cater to different needs of consumers while promoting financial inclusion by allowing more people access to formal financial systems.

Challenges in Transforming India into Cashless Economy

Despite the government’s push to make India a cashless economy. There are still many challenges that need to be addressed.

Lack of Infrastructure – One of the biggest challenges is the lack of infrastructure and access to banking services in rural areas. According to a report by the RBI, only about 35% of households in rural areas have access to formal banking services. This means that a large majority of the population is still reliant on cash transactions. Low Rate of Financial Literacy- Another challenge is the low rate of financial literacy in the country. A study by the National Financial Inclusion Strategy found that only 53% of adults in India are financially literate. This means that many people do not understand how to use digital payment methods or are unaware of the benefits of going cashless. Concerns about Security and Privacy- There are also concerns about security and privacy when it comes to digital payments. With so much personal and financial data being stored online, there is a risk of it being hacked or leaked. There have been several high-profile cases of data breaches in recent years, which has made people wary of using digital payment methods.

Despite these challenges, the government is still working towards its goal of making India a cashless economy. It has launched several initiatives to promote digital payments and is working on improving infrastructure and access to banking services in rural areas. With time and more awareness, it is hoped that India will successfully make the transition to a cashless society.

The shift towards a cashless economy is an exciting prospect for India. While it is true that there are some downsides to going cashless, such as concerns about cybersecurity and privacy, these can be addressed by implementing appropriate regulations and security measures. The benefits of a cashless society far outweigh the drawbacks. Cashless transactions make life easier for everyone involved: merchants, consumers, and government agencies alike. They also help to reduce corruption and promote financial inclusion. There are many different payment methods available in India today, from mobile wallets to UPI transfers. Choosing the right method for your needs will depend on factors like convenience, security features offered etc. As more people embrace digital payments in India we hope that this trend will continue to grow until one day soon we can truly say that our country has become fully cashless!

1.Can India really become a cashless economy? Ans : It is possible for India to become a cashless economy, but it will take time and effort. People would need to use digital methods like mobile payments, online banking, and cards instead of physical cash. What are the effects of a cashless scheme in India, on the Indian economy? A cashless scheme can have positive effects on the Indian economy. It can make transactions faster and more efficient. It can also help reduce corruption and the use of counterfeit money. However, it may also create challenges for people who are not familiar

2. What is the effect of demonetization on cashless transactions in India? Ans : Demonetization, which happened in 2016, aimed to reduce the circulation of certain currency notes. It led to a push for digital payments and increased awareness about cashless transactions in India. Many people started using digital payment methods after demonetization.

3. What would be the effect on banking sectors, if India goes cashless? Ans : If India becomes a cashless economy, the banking sector would play a crucial role. Banks would need to provide secure and convenient digital payment services. It could lead to an increase in online banking and mobile payment usage, benefiting the banking sector in the long run.

4. Why did India choose only the cashless economy? Ans : India didn’t choose to go completely cashless, but it aims to promote digital payments as a convenient and secure alternative to cash. The government wants to reduce the use of black money, improve financial transparency, and promote financial inclusion by making digital payment methods accessible to all.

Essay on Cashless India

Cashless India is a scheme which is focusing on bringing a great change in the economy of the country. It involves no longer the provision of exchange of currency notes and coins. The transactions made should be totally online.

Short and Long Essays on Cashless India

These essays written under various words limit will help you to know all aspects of the cashless India scheme.

Essay 1 (250 Words) – What is the Concept of Cashless India

Introduction

The cashless India mission is aimed at reducing the dependency of people on cash exchange for buying, paying bills, or for several other works. The payment has to be made by using mobile applications, internet banking, debit or credit cards, etc.

Concept of Cashless India

This mission was enhanced by the announcement of the demonetization of 500 and 1000 currency notes on 8 November 2016, at sharp 8 pm. The blocking of the cash economy and no availability of getting money exchanged from banks had left no option for the people. The only way left was to make online transactions. This was the main reason for the demonetization that a cashless scheme must be initiated.

Making India a cashless economy is not a very easy task. It is because the majority of people reside in villages. They are not properly equipped with technological aids. Many of the people are even not educated which is a great problem for making India Cashless. It requires a lot of effort and facilitations done to make this scheme successful.

It is a very easy and time-saving process to make payments online. The payments can be made anywhere and at any place. This saves our time as well as energy too. There is no need of carrying cash wherever we go. There must be a mobile with a bank account attached and proper internet services to complete the online transaction.

The motive of making India a cashless nation is a great effort of the government. There must be more focus on creating proper facilities and educating people. Without reaching these objectives the aim of making India cashless can never be achieved.

Essay 2 (400 Words) – Cashless Transactions as Boon during COVID-19 Pandemic

The word ‘cashless India’ explains about making our country free of cash transactions. The initiative is directed towards the digitalization of India. The system of going cashless is about reducing the exchange of money physically and making online transactions and payments.

Scenario Before and After Digitalization

Earlier we have to visit different stores to pay bills and continue the hindered services. It also happened that sometimes due to deadlines of several bill payments like electricity and water bills, a person has to stand in queue for hours. This was the wastage of time and energy. The banks were almost crowded by people on all the working days for different purposes. Due to the excessive workload, we have to visit the bank, again and again, to get our problems resolved.

The digitalization concept has provided us with different options to pay bills and complete transactions online. We can complete the payments by sitting at home and the offices themselves. There is no wastage of time and energy. It simply requires a little knowledge and a smartphone with internet connectivity to complete the transaction. BHIM, Amazon Pay, PhonePe, Google Pay, Paytm are some of the examples of applications for the online transaction. The transactions can also be completed by entering credit card or debit card details.

Cashless Transactions as Boon during COVID-19 Pandemic

The concept of making online transactions was greatly favored by people during the pandemic. The world is still suffering because of the Pandemic Covid-19. The disease is easily transferable by touch and close contact. Therefore it is necessary to maintain a distance and avoid contact. The transmission can also be possible by the exchange of notes and coins as it is touched by several people.

The best way to avoid contact and transmission during this critical situation is mandatory to make use of online transaction methods. It will be a safe measure and time-saving method. The person can complete the transaction from home only. It is not needed to step out of the house also. These facilities enable us to protect ourselves from getting infected and also help us to follow the guidelines to remain safe.

Challenges in Transforming India into Cashless Economy

There are a lot of problems which is a hindrance in making our nation cashless. There must be proper arrangements made to achieve this initiative. The rural areas are lacking proper connectivity. There is a need to invest in making proper Infrastructures and facilities.

Secondly, illiterate people are not able to understand the concept and procedure of online transactions. There must be an arrangement made for training and educating people about this concept. Poverty and illiteracy are still prevailing in our country to a large extent. These are the major challenges in the way of making India a cashless nation.

A number of people have shown their interest in making online transactions. The online applications provide several awards and cash backs on the transactions which are made. Online transactions are convenient and provide greater transparency. Any change requires a start-up first and the same is observed.

Essay 3 (600 Words) – How Cashless Economy will Benefit India

As the fastest developing nation, the emergence of newer technologies and schemes in India will lead our country towards growth and development.

Technological Advancements Leading Towards Digitalization

The concept of enabling cashless transactions comes under the Digitalization of India. Digitalization is only possible with the advent of newer devices and technology. Going cashless is totally based on technological advancements which are carried out on in the whole world. There is a total involvement of ideas and innovations to make transactions easy and simple in online mode. The use of smartphones makes our work easier. Transactions can be completed in seconds. The advancing technology is ensuring the reliability of the consumers to go for cashless options and making our nation to move towards digitalization.

Initiative taken by our Prime Minister

The cashless India programme, launched by PM Narendra Modi, for making our country a digital nation was initiated by the government on 1st July 2015. The main objective of this plan was to ensure the different services of the government must reach the people digitally. It could be made possible only by improving the online Infrastructure, connectivity of the Internet, and by linking all the areas especially rural areas.

Making India a cashless nation is a great step towards enabling Digitalization. The mission of making India cashless was initiated by our Prime Minister. The announcement of the demonetization of 500 and 1000 notes on 8 November 2016 by Prime Minister Narendra Modi was a better initiative for boosting the cashless transactions in our country. As there was a shortage of money in banks and ATMs, people have to stand for hours in the queue for exchanging money. The best option was choosing online transaction methods.

Advantages and Disadvantages of Cashless India

Advantages:

Check on Black Money – The cashless transactions are made online. There are details available of whatever transactions are made. The government can easily monitor all the transactions if the concept of going cashless is made prominent. This will impose a check on the flow of black money.
Reduce Overcrowding in Banks – The crowds at banks will be reduced to a large extent if the transactions are carried online. The bank work will increase but crowds of people will be decreased.
Eco-Friendly Technology – The cashless transactions will reduce the charges of printing and maintenance of the currency notes and coins. This is a great step towards efficient usage of paper, thus ensuring eco-friendly technology.
Reduced cases of Robbery – The fear of theft and robbery prevails in our minds when we carry cash with us. The cashless transactions help in reducing this fear as there are no chances of theft. This will also reduce the work of the police as there will be a reduction in theft and robbery cases.
Saves our Money, Time, and Energy – The cashless transactions reduce the unnecessary pain of traveling and paying bills. This can be done from any place but the connectivity should be there. The accounting works of the different bigger organization also gets easier and reduced.

Disadvantages:

The Danger of Cybercrimes – The cases of cybercrime are also increasing day by day. This is possible only when we enter our details for cashless transactions and hackers easily get the information regarding the same. There are many people who have been the victims of these crimes.
People of Rural Areas and Illiterate People will have to Suffer – The people who are illiterate cannot understand and make transactions until and unless they are educated and trained for the same. In rural areas, there is the problem of connectivity which is a great hindrance for Digital India’s mission to be fulfilled.

Cashless India is initiated for the betterment of our Country. It will help in developing the connectivity in all the parts of India. The transformation of a nation into cashless needs immense effort to provide all the facilities like good infrastructure, internet connectivity, educating and training to people, etc. It is a great step towards the development of our nation.

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Essay On Cashless India

Table of Contents

Short Essay On Cashless India

Cashless India is a term that refers to the Indian government’s initiative to move the country towards a digital economy. The idea behind this initiative is to reduce the dependence on cash transactions and promote the use of digital payment methods, such as credit cards, debit cards, mobile wallets, and UPI.

One of the main advantages of a cashless economy is increased financial inclusion. Digital payment methods make it easier for people to access financial services, even those who do not have a bank account. This can help to reduce poverty, as people are able to participate in the economy and access credit. Furthermore, digital payments also increase transparency and reduce the opportunity for corruption, as transactions are recorded electronically and can be easily audited.

Another advantage of a cashless economy is increased efficiency. Digital payments are faster and more convenient than cash transactions, and they can also save time and reduce costs. For example, digital payments can be made 24/7, without the need to visit a bank or an ATM. Additionally, digital payments also reduce the need for handling and transporting physical cash, which can be costly and time-consuming.

However, there are also some challenges to the implementation of a cashless economy. One of the main challenges is the lack of infrastructure and technology, particularly in rural areas. In order to fully embrace a cashless economy, it is necessary to invest in the infrastructure and technology needed to support digital payments. Additionally, there are also concerns about security and privacy, as digital payments rely on the protection of sensitive financial information.

In conclusion, cashless India is a bold and ambitious initiative that has the potential to transform the country’s economy. While there are challenges to overcome, the advantages of a cashless economy, such as increased financial inclusion, efficiency, and transparency, make it an exciting and promising future. By working together, the government, businesses, and citizens of India can help to create a digital economy that benefits everyone.

Long Essay On Cashless India

The digital revolution is transforming India into a cashless economy. This shift towards cashless transactions has already had a major impact on our daily lives, and it’s only going to continue in the future. In this article, we will explore the advantages of a cashless India and discuss some of the challenges that may arise along with it.

Introduction to Cashless India

In India, “Cashless” refers to the electronic mode of payment. The Reserve Bank of India (RBI) has been promoting the use of cashless mode of payment for some time now. There are multiple ways to make a cashless transaction in India.

One can use credit/debit cards, prepaid cards, mobile wallets, internet banking, etc. for making payments without using cash. The government has also launched a few initiatives to promote cashless transactions in the country. For example, the Unified Payment Interface (UPI) and BharatQR are two such initiatives.

The main advantage of going cashless is that it saves time and is more convenient than using cash. Moreover, it is also safe and secure as there is no risk of losing money. In a country like India where a large population is still unbanked, going cashless can help in inclusive growth.

The RBI has set up a task force to promote digital payments in the country. It has also advised banks to provide basic banking services at all their branches so that people can open bank accounts and start using them for digital payments. The government is also working on creating awareness about digital payments among the people.

Benefits of Cashless India

There are many benefits of cashless India. The most obvious benefit is that it will reduce corruption. With all transactions being done electronically, there will be no need for physical currency notes which can be easily manipulated. This will also lead to more transparency and accountability as all transactions will be traceable.

Another big benefit is that it will help in curbing black money. As people move towards digital payments, there will be less need to use cash which is often used to hoarded undeclared income. This will also make it difficult to launder money as all transactions will be recorded.

Cashless India will also boost the economy by increasing efficiency and reducing transaction costs. It has been estimated that digitizing payments can save the economy up to $22 billion annually. Further, it will promote financial inclusion as more people will have access to banking and financial services.

Lastly, going cashless will also be helpful in emergency situations like natural disasters when ATMs may not be working and physical currency notes may get destroyed.

Challenges Faced by the Indian Government towards Cashless India

The Indian government has been pushing for a cashless economy for some time now. However, there are several challenges that it faces in this regard.

One of the biggest challenges is the lack of infrastructure. There are not enough point-of-sale (POS) terminals and ATMs in the country to cater to the needs of all citizens. This means that many people still have to rely on cash transactions.

Another challenge is awareness. Many people are simply not aware of the benefits of going cashless. The government will need to do more to educate people on this front if it wants them to make the switch.

Finally, there is the issue of security. With digital payments, there is always the risk of fraud and hacking. The government will need to put in place robust security measures to ensure that people feel safe using these technologies.

Ways and Means for Achieving a Completely Cashless Economy

There are a number of ways and means for achieving a completely cashless economy. One way is to encourage the use of debit and credit cards for all transactions, both online and offline. Another way is to promote the use of mobile wallets and other digital payment methods. The government can also create awareness about the benefits of going cashless and provide incentives for using digital payments.

Card payments can be made more convenient by providing discounts or cashback on card transactions. Mobile wallets can be made more user-friendly by providing features like one-click payment, QR code scanning, etc. Digital payment platforms can be made more secure by implementing two-factor authentication or biometric authentication. The government can also launch campaigns to educate people about the benefits of going cashless and how to use various digital payment methods.

Impact of Digital Payments on the Indian Economy

Digital payments have had a profound impact on the Indian economy. They have transformed the way businesses operate, leading to increased efficiency and productivity. In addition, digital payments have made it easier for people to access banking services and make financial transactions.

Digital payments have also helped to boost the growth of the e-commerce sector in India. Online businesses have been able to reach a wider audience through digital platforms such as mobile wallets and online payment portals. This has resulted in increased sales and revenues for these businesses.

The adoption of digital payments has also had a positive impact on employment in India. With more businesses moving towards digital platforms, there is a need for skilled workers who can manage these technologies. This has created new job opportunities for people with the right skillset.

Overall, digital payments have had a positive impact on the Indian economy. They have led to increased efficiency and productivity, as well as boosted growth in sectors such as e-commerce.

To conclude, cashless India is a revolutionary step by the government and it is sure to bring about immense changes in our lives. It will not only make life easier for us but also help reduce corruption and black money. India has great potential when it comes to digital payments and this move will definitely help in its growth. The government needs to ensure that all citizens have access to banking services so that they can benefit from this shift towards a cashless economy. With conscious efforts from every section of society, we can make this dream of a Cashless India come true!

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Essay on Cashless India in English by The CHSE Student

cashless india essay.

It's a very good initiative under Digital India Scheme that we started transactions digitally, I mean without physical cash. It is very difficult for people to carry cash in larger amounts. We have been noticing the news of robbery or thefts in the newspapers regarding these cases. The new emerging technology namely cashless India has made transactions easy for the people. We need not carry cash amounts but the same can be given by card payment or via online applications.

Every time while paying bills, sending or receiving money, payments on the shop we can use this technology. This reduces the time and effort of people in India. There are many more things that you need to know about the topic. It has been given in form of a long essay that may be an aid to school, college, and university students.

Short Essay and Long Essay on Cashless India in English

Short and long essays on Cashless India in different word limits are given below for students of classes 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 and 12. In this essay, the language is kept simple so that every student can understand these essays properly.

10 Lines Essay on Cashless India (in 100 – 120 Words)

1) The government launched the “Cashless India” scheme to make India a cashless economy.

2) A cashless economy promotes online transactions instead of cash transactions.

3) As part of Digital India launched on 1 July 2015, a cashless India is envisioned.

4) This scheme will also help in controlling corruption.

5) The growing cases of robbery and theft will also be reduced due to this scheme.

6) Cashless transactions are fast and more secure than cash transactions.

7) This scheme aims to carry out all the financial activities digitally without involving physical cash.

8) Cashless transactions can be done through UPI (Unified Payment Interface), online banking, micro ATMs, etc.

9) However, online transactions are prone to cybercrimes.

10) This scheme is a disadvantage for poor and illiterate people.

Advantages and Disadvantages of Cashless India (in 250 words) - Essay 1

A cashless economy means curbing cash transactions and carrying out online transactions. The scheme cashless India had been launched by the government of India to make India a cashless economy in the world. Here we will be discussing the advantages and disadvantages of going cashless.

Advantages of cashless transaction:

Fast and convenient transactions.

The transactions can be easily done by using smartphones through Paytm, Google pay, UPI, etc. The process is very fast and easy to do.

No theft risks

When we opt for cashless transactions we will not have to carry cash with us. This will reduce the chances of theft.

Environment-friendly

Cashless transactions will help in reducing the charges of printing currency notes and coins. It promotes the efficient use of paper and hence an eco-friendly initiative.

Exciting discounts

We avail of good cashback and offers whenever we do debit/credit card or online transactions.

Reduce corruption

In cashless transactions; there will be transparency as the transactions can easily be traced. Therefore it will help in reducing the bribery and flow of black money in India.

Disadvantages of cashless transaction:

Risk of online crimes.

The risk of online fraud and cheating is a threat in doing online transactions. People fear doing online transactions as many have been the victim of these online frauds. The government needs to impose a high-security check in the system to foster safe digital transactions otherwise the dream of making India a cashless nation can never come into reality.

Poverty and illiteracy

Many people in India are illiterate and are living in poverty. People in rural areas do not know how to use smartphones. It is difficult to make this mission successful without eliminating these problems.

Meaning of Cashless India and Digital Payment Methods (in 500 words) - Essay 2

Introduction.

Cashless India is a vision of the Government of India of a cashless transaction society. Cashless India is envisioned under the Digital India campaign launched on 1st July 2015.

Meaning of Cashless India

Cashless India would be an economic state wherein all financial transactions are done without involving physical banknotes or coins. That is, various activities requiring financial transactions like – transferring money, sales, and purchase, etc are to be carried out digitally, instead of physically.

For example, if you are out for making a purchase of groceries for home, you should be able to do it without a single penny in your pocket. This kind of transaction mandates two essential requirements – firstly you must have a debit card, credit card, or any web application that certifies your bank account and authenticates transactions on your behalf. Secondly, the seller, in this case, the grocery shop owner must be in the possession of a Point of Sale (POS) device to carry out the transaction. At the end of the transaction, your bank account will be debited and the account of the shopkeeper will be credited without an exchange of any physical currency.

Likewise, there could be several examples of cashless India, like transferring money to your family members, friends, or business associates, without even physically depositing the money in their bank accounts.

Digital Payment Methods

The following digital payment methods are used under the Cashless India campaign –

1. Banking Cards

Different kinds of banking cards are debit cards, credit cards, travel cards, cash cards, etc. The cards offer discounts and additional facilities, for digital transactions. Also, the transaction is secured by two-way authentications, involving secure PIN and OTP (One Time Password).

2. Unstructured Supplementary Service Data (USSD)

This service allows financial transactions to be carried out without an internet connection and through the basic phone. ‘*99#’ could be dialed from the phone to avail services like interbank fund transfer, mini statement, balance inquiry, etc. This service empowers the rural population or the elders, who usually use basic keypad phones and are not comfortable using smartphones.

3. Unified Payment Interface (UPI)

Unified Payment Interface is an application that allows managing multiple bank accounts through a single platform. You only have to download the UPI App on your smartphone and provide the account and bank details you want to link. The services offered are many, including a balance inquiry, money transfer, transaction history, etc.

4. Mobile Wallet

Mobile Wallet allows you to carry money digitally on your mobile. The mobile wallet application could be linked to credit or debit cards and can be used for online transfer of money. The mobile wallet allows you to carry out financial transactions without requiring physical debit or credit card.

5. Point of Sale (POS) Device

A point of sale device is a small cordless device available at merchant establishments to carry out financial transactions. Customers are required to swipe their credit/debit cards and authenticate the transaction by entering a PIN in the device, which then completes the transaction and prints a receipt.

6. Micro ATMs

Micro ATM is a small device given to business correspondents or small shop owners to carry out instant transactions on behalf of their customers. The device is connected to several banks across the country and allows instant deposits and withdrawal of money. The business correspondents act as a bank in this case.

Cashless India is the government’s initiative for a cashless society wherein financial transactions, howsoever, small or large are carried out digitally. It is a good initiative that makes transacting easy and convenient, but the government must also ensure the safety of such transactions.

Essay on Cashless India

FAQs: Frequently Asked Questions on Cashless India

Q.1 Which is the first cashless village of India?

Ans. Dhasai, a village in Thane district Murbad taluka in Maharashtra, is known to be the first cashless village in India.

Q.2 Which country uses the least cash?

Ans. Sweden has reduced its cash transaction to 2% and thereby moving towards a cashless nation in the world.

Q.3 How much of GDP is invested by India in printing cash?

Ans. India invests 1.7% of its GDP in printing the cash.

Q.4 How is going cashless helpful?

Ans. It will be helpful in reducing crime and fraud and save money wasted on printing and circulating cash.

Q.5 Did Demonetization give a pace to Cashless India?

Ans. Yes, demonetization fostered online transactions as there was a scarcity of cash thereby giving a pace to cashless India.

Cashless India: Overview of The Mission

Categories: Banking Indian Economy

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Published: Feb 12, 2019

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Essay on Cashless India

Cashless India is a mission launched by the Government of India led by Prime Minister Narendra Modi to reduce dependency of Indian economy on cash and to bring hoards of stashed black money lying unused into the banking system. The country embarked upon this transition to a cashless economy when the government took the revolutionary step of demonetization of old currency notes of Rs 500 and Rs 1000 on November 08, 2016. This move was targeted at the fake currency circulating in Indian market and the black money that somehow escaped the radar of tax authorities.

Post demonetization acute shortage of currency in Banks and long queues outside ATMs, gradually turned people towards digital transactions, one of the prime requirements under cashless India. If the government succeeds in providing secure and fast digital payment methods to the consumers and merchant establishments across the nation, then the dream of India becoming a completely cashless economy will materialize.

Long and Short Cashless India Essay in English

We are here providing a variety of long and short essay on Cashless India to empower the students with ready material available online in different word length – in 100, 150, 200, 250, 300 and 400 words.

These Cashless India Essay written in a simple language will help the students choose any one as per their requirements.

After going through these essays you will understand the concept of cashless India and its benefits on the economy.

You can use the essays in your school/college competitions for writing essays, debates or giving speech.

Cashless India Essay 1 (100 words)

It was on 8 November 2016 that the Government of India took the whole country by storm by announcing that the currency notes of Rs 500 and Rs 1,000 were no longer legal tender. The government move aimed at curtailing the menace of black or counterfeit money which is largely used to fund criminals and terrorists as part of a parallel economy. The acute shortage of money in the wake of this decision led to long queues of people outside ATMs or banks seeking to exchange their notes or withdrawing cash.

But eventually, the move has turned out to be a push towards cashless India that is bound to pave the way for a cashless economy, marked by greater transparency, ease and convenience in monetary transactions.

Cashless India Essay 2 (150 words)

The Union government’s demonetization initiative and the subsequent drive towards developing a cashless India have invited its share of both bricks and bouquets. There have been widespread protests organised by the opposition parties across the country against the cash crunch in the wake of ban on old currency notes of Rs 500 and Rs 1000.

However, the initial difficulties have subsided now and the people are beginning to realize the safe and convenient modes of digital payment. Moreover, to encourage the people to further go for cashless modes, the Narendra Modi Government has provided a slew of incentives and measures.

The latest World Bank report has mentioned that the demonetization will not have any long-term adverse effect on the health of Indian Economy. Rather it will prove beneficial with growth of the Indian economy rising to 7.6% in fiscal year 2018. Liquidity expansion in the banking system post-demonetization has helped the banks to lower lending rates, which in turn is bound to lift economic activity.

Cashless India Essay 3 (200 words)

The Union government headed by Prime Minister Narendra Modi has been moving towards realizing his vision for a cashless India, ever since the demonetization of the old currency notes of Rs 500 and Rs 1000, which was announced by it on November 8, 2016. It was really a bold move considering the fact that in India people are more reliant on cash than in other countries of the world. Suddenly, there was severe shortage of cash in the wake of this decision and people had to encounter great difficulties in buying things they wanted with little cash available in banks and ATMs they would throng in unending queues day and night.

Conclusion: However, the benefits of this move have now started trickling in with more and more people switching to digital modes of receiving and making payment. India is gradually transitioning from a cash-centric to cashless economy. Digital transactions are traceable, therefore easily taxable, leaving no room for the circulation of black money. The whole country is undergoing the process of modernisation in money transactions, with e-payment services gaining unprecedented momentum. A large number of businesses, even street vendors, are now accepting electronic payments, prompting the people to learn to transact the cashless way at a faster pace than ever before.

Cashless India Essay 4 (250 words)

Cashless India is a term coined recently after the Union government went ahead with its plans to demonetize currency notes of Rs 500 and Rs 1000. Initially, it led to severe criticism as people faced great difficulties in exchanging the old currency notes or withdrawing cash from their accounts.

According to the critics of the government, adequate arrangements should have been made in advance to support the people in dealing with cash crunch in the wake of this move towards cashless India. Also, adequate security measures are required to guard online transactions against fraud which is very common in India. They critics further argue that due to unavailability of required cash flow in the market, many people died and lost their jobs, painting a scary picture of India becoming cashless post-demonetization.

However, after the demonetization of the currency notes of Rs 500 and Rs 1,000, the country has witnessed a surge in cashless transactions through the digital mode, be it through credit/debit cards, mobile phone applications, Unified Payments Interface (UPI), BHIM (Bharat Interface for Money) app under Aadhaar Enabled Payment System (AEPS) or e-wallets etc.

Conclusion: True, there are difficulties in implementing the idea of cashless economy in a vast country like India where a large number of people are living under misery and poverty, yet a beginning had to be made someday. Today, there is a sea change in the mindset of people with regard to digital means of monetary dealings which are safe, easy, convenient and transparent. There is no place for black money or counterfeit currency in cashless India.

Cashless India Essay 5 (300 words)

Cashless India is a recently introduced phenomenon targeted to bring a sea change in the country’s economy by the Indian government, transforming the cash-based economy into cashless through digital means.

However, still there are various challenges to be addressed if we want to make India cashless in true sense. India is a vast country and the convenience of making transactions through the online mode is not available across the country. In small cities and villages, the people are mostly suffering due to acute cash crunch situation. To make India cashless in true sense, investment is required to be made in enhancing the facility required on a mass scale for cashless transactions across the country.

Handling the flow of cash with digital technology has a range of advantages. Cashless transactions have made people keep all their cash into the bank and hence liquidity in the banking system has increased. Also, it has stopped the flow of black money, up to some extent. Now the banks and financial institutions have more money to lend to the people to support the growth of Indian economy. The other most important advantage is that this situation will make people pay their taxes in a transparent manner; hence the government will have more money to run various schemes meant for the welfare of the public.

Conclusion: Post-demonetisation, the people have finally started believing in the power of the plastic money in the form of credit card/debit card, and other channels of electronic payment. Online banking has gained prominence due to unavailability of enough cash in the market. Moreover, E-commerce modes of making payments have also become popular, as most of the people have now started making payments of even Rs 50 through the digital modes. All these developments are considered to be good for the healthy growth of the economy.

Cashless India Essay 6 (400)

Introduction

Cashless India is a move that has assumed significance in the backdrop of demonetisation of high value currency by the NDA government at the Centre. On November 8, 2016, Prime Minister Narendra Modi announced demonetisation of currency notes of Rs 500 and Rs 1000 and took the people by surprise. People standing in spiralling queues at ATMs and banks’ counters to exchange their old currency notes or withdraw cash became a familiar scene across the country.

However, the new cashless revolution ignited by this move has gradually started changing the mindset of people, who were earlier mostly dependent of currency notes only for doing transactions.

Benefits of cashless India

Cashless transaction does away with any hassle to carry cash.
It is in keeping with the worldwide trend. People need not carry any cash in various countries around the world as most of the transactions there are done electronically.
In digital transactions, you can view history of your expenses at one go which helps you to manage your budget easily.
Since cashless transactions are traceable, they invite payment of taxes, wherever applicable, thus ruling out use of black money.
As tax collections become easy through the cashless mode, it accelerates the pace of economic development, making it easier for the government to spend on education, health care, employment generation, infrastructure and the overall welfare of the people.
Increased tax collections lead to reduction and simplification of the tax structure.
Transfer of monetary benefits to the poor and the needy through bank transfer rules out their exploitation by the unscrupulous middle men.
Cashless transactions deal a body blow to counterfeit currency or distribution of black money through Hawala channels. It also cuts the supply of unaccounted money used in funding of criminal and terrorist activities.
It saves the government substantial costs in printing and circulation of currency notes.
Increased liquidity of money with the banks makes them lower their interest rates puts the huge amounts of cash deposited with them to some productive use.

Conclusion: A part of Digital India programme, the concept of cashless economy in India is centred around the vision of transforming the country into a society, which is digitally enabled and empowered by several modes of cashless transactions. Consequently, digital modes like credit/debit cards, mobile wallets, banks pre-paid cards, UPI, AEPS, USSD, Internet banking etc have gained in currency, leading to cashless India in near future.

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Write an Essay on Cashless Economy for upsc & All Competitive Exams | English Essay Writing

Essay on cashless economy.

Introduction The transition to a cashless economy in India has been a topic of much discussion and debate. From the government's demonetization efforts to the rise of digital payment platforms, the country is gradually moving towards a cashless society. A cashless economy refers to a system where transactions are conducted electronically, without the use of physical cash.

Cashless economy entails a shift towards digital transactions and electronic modes of payment, including cards, mobile wallets, and online transfers, replacing conventional cash transactions. The government has taken various steps to promote a cashless economy in India, including demonetization, Unified Payment Interface (UPI), financial literacy centers, Direct Benefit Transfer (DBT), and implementation of GST, which has also encouraged businesses to choose cashless transactions. However, embracing digital payments presents both opportunities and challenges for the nation.

Advantages of Cashless Economy Transitioning to a cashless economy offers several advantages for India. A cashless economy curtails black money and criminal activities like terrorism and trafficking. It reduces fake currency circulation, expands the tax base, facilitates nationwide fund transfers, decreases cash theft, and fosters transparency and accountability through digital transactions. This shift not only boosts financial security but also streamlines economic transactions, ultimately leading to a more efficient and accountable financial system.

Moreover, digital payment platforms offer accessible banking in remote areas, providing quick and secure electronic transactions for individuals and businesses. Additionally, digital payments allow transactions anywhere, anytime, reducing the need to carry physical cash.

Challenges or Disadvantages of Cashless Economy However, transitioning to a cashless economy in India also presents challenges. The rise of digital infrastructure in a cashless economy has led to a significant increase in cyber crimes. Many people lack access to smartphones, internet connectivity, or digital literacy skills, hindering their ability to participate in digital transactions. Insufficient digital infrastructure, especially in rural areas, limits the widespread adoption of digital payments. Despite efforts to promote digital payments, cash continues to be widely used, posing challenges to achieving a fully cashless economy.

Conclusion In conclusion, promoting financial literacy, enhancing digital infrastructure, strengthening cybersecurity measures, and ensuring equitable access to banking services are essential for fostering a robust cashless economy while mitigating its challenges. By addressing these aspects, we can encourage widespread adoption of cashless transactions for a more inclusive and secure economic landscape.

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Cashless Economy

Cashless Economy in India - UPSC GS-III Notes

When the transactions in an economy are not heavily based on the money notes, coins or any other physical form of money but are aided by the use of credit cards, debit cards and prepaid payment instruments, such an economy is called cashless economy.

The cashless Economy in India has been amplified with the Indian Government’s initiative of Digital India . This is a flagship programme with a vision to transform India into a digitally empowered society and knowledge economy.

The topic, ‘Cashless Economy’ is important for GS-III Indian Economy of the IAS Exam . This article will talk about it, the types of cash transfer modes, UPI and more.

Table of Contents:

Cashless Economy in India – UPSC Notes:- Download PDF Here

What is a Cashless Economy?

Cashless Economy can be defined as a situation in which the flow of cash within an economy is non-existent and all transactions must be through electronic channels such as direct debit, credit cards, debit cards, electronic clearing, and payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) in India.

To know the Difference Between RTGS and NEFT , visit the linked article

Highlights of Cashless Economy in India

Post Demonetization , the Centre is making a big push for online and card-based transactions in the country to achieve its target of becoming a largely cashless economy.
The rapid growth of e-payment startups in the country.
Launch of Unified Payments Interface (UPI) to facilitate cashless transactions.
The Covid-19 pandemic fueled a massive shift towards digital transactions in India aligning with the prime minister’s vision of a Digital India. In fact, according to the National Payments Corporation of India (NPCI) data, payments on UPI in June 2020 hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore.

Cashless Economy – Types of Cashless Modes and Payments

There are various cashless payment modes and these are mentioned below:

Mobile wallet: It is basically a virtual wallet available on your mobile phone. You can store cash in your mobile to make online or offline payments. Various service providers offer these wallets via mobile apps, which is to be downloaded on the phone. You can transfer the money into these wallets online using credit/debit card or Net banking. This means that every time you pay a bill or make a purchase online via the wallet, you won’t have to furnish your card details. You can use these to pay bills and make online purchases.

Plastic money: It includes credit, debit and prepaid cards. The latter can be issued by banks or non-banks and it can be physical or virtual. These can be bought and recharged online via Net banking and can be used to make online or point-of-sale (PoS) purchases, even given as gift cards. Cards are used for three primary purposes – for withdrawing money from ATMs, making online payments and swiping for purchases or payments at PoS terminals at merchant outlets like shops, restaurants, fuel pumps etc.

Net banking : It does not involve any wallet and is simply a method of online transfer of funds from one bank account to another bank account, credit card, or a third party. You can do it through a computer or mobile phone. Log in to your bank account on the internet and transfer money via national electronic funds transfer (NEFT), real-time gross settlement (RTGS) or immediate payment service (IMPS), all of which come at a nominal transaction cost.

The cashless economy in India is being promoted through various platforms and applications which provide easy methods of funds transfer and payments:

Cashless Economy – Prepaid Payment Instrument

The RBI classifies every mode of cashless fund transfer using cards or mobile phones as ‘prepaid payment instrument’ . They can be issued as smart cards, magnetic stripe cards, Net accounts, Net wallets, mobile accounts, mobile wallets or paper vouchers. They are classified into four types:

Open Wallets : These allow you to buy goods and services, withdraw cash at ATMs or banks and transfer funds. These services can only be jointly launched in association with a bank. Apart from the usual merchant payments, it also allows you to send money to any mobile number linked with a bank account. M-Pesa by Vodafone is an example.
Semi-Open Wallets : You cannot withdraw cash or get it back from these wallets. In this case, a customer has to spend what he loads. For example, Airtel Money/Ola Money is a semi-open wallet, which allows you to transact with merchants having a contract with Airtel/Ola.
Closed Wallets : This is quite popular with e-commerce companies; wherein a certain amount of money is locked with the merchant in case of a cancellation or return of the product or gift cards. Flipkart and Book My Show wallets are an example.
Semi-Closed Wallets : These wallets do not permit cash withdrawals or redemption, but it allows you to buy goods and services from listed vendors and perform financial services at listed locations. Paytm is an example.

Read in detail about the Fiscal Policy in India at the linked article.

Advantages of a Cashless Economy in India

The main advantage of a cashless society in India is that a record of all economic transactions through electronic means makes it almost impossible to sustain black economies or underground markets that often prove damaging to national economies. This reduces the chances of black money entering the system. It is also much riskier to conduct criminal transactions. An economy that is largely cash-based facilitates a rampant underground market which abets criminal activities such as drug trafficking, human trafficking, terrorism, extortion etc. Cashless transactions make it difficult to launder money for such nefarious activities.
Circulation of Fake Currency notes can be curbed.
Increase Tax base: It is difficult to avoid the proper payment of due taxes in a cashless society, such violations are likely to be greatly reduced. The increased tax base would result in greater revenue for the state and greater amount available to fund the welfare programmes.
Digital transactions bring in better transparency, scalability and accountability.
Digital transactions are convenient and improve market efficiency
It will eliminate the risks associated with carrying and transporting huge amounts of cash
The cashless economy will reduce the production of paper currency and coins. This will save a lot of production cost in turn.
A lot of data transfer happens due to the cashless transaction. This data will help the government plan for future expenses such as housing, energy management, etc from the pattern of the data transmission.

Challenges in transitioning to a Cashless society

Acceptance infrastructure and digital inclusion: Lack of adequate infrastructure is a major hurdle in setting up a cashless economy. Inefficient banking systems, poor digital infrastructure, poor internet connectivity, lack of robust digital payment interface and poor penetration of PoS terminals are some of the issues that need to be overcome. Increasing smartphone penetration, boosting internet connectivity and building a secure, seamless payments infrastructure is a prerequisite to transition into a cashless economy.
Financial Inclusion – For a cashless economy to take off the primary precondition that should exist is that there should be universal financial inclusion. Every individual must have access to banking facilities and should hold a bank account with debit/credit card and online banking facilities. Read more about Financial Inclusion in the linked article.
Digital and Financial Literacy – Ensuring financial and digital inclusion alone are not sufficient to transition to a cashless economy. The citizens should also be made aware of the financial and digital instruments available and how to transact using them.
Cyber Security – Digital infrastructure is highly vulnerable to cyber-attacks, cyber frauds, phishing and identity theft. Off late cyber-attacks have become more sophisticated and organised and poses a clear and present danger. Hence establishing secure and resilient payment interfaces is a prerequisite for going cashless. This includes enhanced defences against attacks, data protection, addressing privacy concerns, robust surveillance to pre-empt attacks and institutionalised cybersecurity architecture.
Changing habits and attitude – Indian economy functions primarily on cash due to lack of penetration of e-payment modes, digital illiteracy of e-payment and cashless transaction methods and thirdly habit of handling cash as a convenience. In this scenario, the ideal thing to do is to make people adopt e-payments in an incremental fashion and spread awareness to initiate behavioural change in habits and attitude.
Urban-Rural Divide – While urban centres mostly enjoy high-speed internet connectivity, semi-urban and rural areas are deprived of a stable net connection. Therefore, even though India has more than 200 million smartphones, it is still some time away for rural India to seamlessly transact through mobile phones. Even with regard to the presence of ATM’s, PoS terminals and bank branches there exists a significant urban-rural divide and bridging this gap is a must to enable a cashless economy.

To understand the Digital Divide in India , candidates can visit the linked article. This will also give them a brief idea of the areas of improvement to make India a cashless economy.

Challenges in Cashless transaction - cashless economy

Is India Ready for a cashless economy?

The difficulty in going digital is exemplified by the data on debit card usage — over 85% (in volume) and 94% (in value) of all debit card usage is at ATMs for the purpose of withdrawing cash. The principal purpose for cards in an Indian context is thus a means to withdraw cash. The exponential growth in debit cards (over 600 million) is a direct consequence of the financial inclusion drive that led to the opening of over 170 million bank accounts. Though the move put plastic money into the hands of millions, effectively it has only shifted cash withdrawals from banks to ATMs, which was not quite the intent.

Cashless Economy - Digitization of Money

India’s Cash to GDP ratio:

As calls for going cashless grows louder in India, a key challenge being faced at the global level is to check the continuing rise in the total value of the currency in circulation and its share in the overall GDP , a trend particularly seen in the US, Switzerland and Euro area.

Such a continuing rise in the circulation of currencies for economic activities could well be a major impediment in the transformation to a cashless and digital economy.

India’s cash to GDP ratio — an indicator of the amount of cash being used in the economy — is around 12 to 13%, which is much higher than major economies including the US, the UK and Euro area but below that of Japan (about 18%).

Cashless Economy in India & The Challenges ahead

Typically in India, a cashless economy may take a bit longer to be adaptable. The challenges with regard to the same have been discussed below:

A large part of the population does not have access to debit cards and smartphones, which is why they prefer to make transactions in cash
The maximum population uses debit cards to withdraw money rather than paying directly through it
People are not entirely aware and educated about the cashless methods of payment
As per the survey and data collected, only 26% has access to the internet and choose online payments as an option for transactions
Making the people aware of the privacy and security under cashless transactions is another challenge for the government. As the cashless economy in India is also taking time to recover as people do not trust the privacy terms of the online portals, platforms and applications

Penetration of Mobile Accounts

Cashless Economy and Government Initiatives

Paytm had witnessed 5 million daily usage post demonetisation as opposed to their average transaction of three million. It also saw a 700% increase in the overall traffic and a 1000% increase in the amount of money added to its account in the first two days of post-demonetization. Ola Money too saw a 1500% increase in its e-wallet.
Payment service providers (PSPs) to provide the interface between the payer and the payee. Unlike wallets, here the payer and the payee can use two different PSPs.
Banks will provide the underlying accounts. In some cases, the bank and the PSP may be the same.
NPCI will act as the central switch by ensuring Virtual Payment Address (VPA) resolution, affecting credit and debit transactions through IMPS.
Direct Benefit Transfer (DBT): It is a scheme that was launched by the Government of India to transfer the benefits and subsidies of various social welfare schemes like LPG subsidy, Old Age Pension, Scholarship, MGNREGA , etc. directly to the bank account of the beneficiaries. This allowed for the penetration of digital banking into rural India.
The Centre has set up a committee headed by NITI Aayog CEO Amitabh Kant, to formulate a strategy to expedite the process of transforming India into a cashless economy.
The panel is tasked with identifying various bottlenecks that are affecting access to digital payments.
The panel will engage regularly with all stakeholders – Central ministries, regulators, state governments, district administration, local bodies, trade and industry associations to promote adoption of digital payment systems.
The idea is to establish and monitor an implementation framework with strict timelines to ensure that nearly 80% of the transactions in India moves to the digital-only platform
The committee will also try to estimate the costs involved in various digital payments options and oversee the implementation of these measures to make such transactions between the government and citizens cheaper than cash-based transactions.
Pradhan Mantri Jan Dhan Yojana , one of the biggest financial inclusion initiatives in the world, was launched in 2014. It is a national mission on financial inclusion which has an integrated approach to bring about comprehensive financial inclusion and provide banking services to all households within the country. This scheme ensures access to a range of financial services like availability of basic savings, bank accounts, access to need-based credit, insurance and pension. It has played a significant role in the opening of bank accounts for the poor.
The terms of reference of the committee include identifying global best practices for implementing an economy primarily based on digital payments and examine the possibility of adopting these global standards in the Indian context.
The panel will also outline measures for rapid expansion and adoption of the system of digital payments like cards (Debit, Credit and pre-paid), Digital-wallets/ e-wallets, internet banking, Unified Payments Interface (UPI), banking apps, etc. and shall broadly come up with the roadmap to be implemented in one year.
Ratan Watal panel on digital payments

The panel, headed by former finance secretary Ratan Watal, was constituted in August to suggest ways to encourage India’s movement towards a cashless economy.

Recommendation of Watal Panel - Cashless Economy

Way Forward

India must learn from other countries in the developing world, which have managed to reduce their dependence on cash even while bringing in more people in the folds of the formal banking system. Kenya has been a well-documented success story, where mobile money has spread much faster and deeper than in India. Kenyan households with access to mobile money were able to manage negative economic shocks (like job loss, death of livestock or problems with harvests) better than those without access to mobile money.

The path forward is clear:

Invest in building the required financial and digital infrastructure
A nationwide financial and digital literacy campaign accompanied by a medium-term strategy to improve access to, and awareness of, electronic payments. Targeted financial education programs can improve financial skills and credit management, and increase account ownership.
the government must undertake the herculean task of changing attitudes towards digital payments among customers and merchants
Put in place all necessary cybersecurity measures

Cashless Economy – What is United Interface Payments (UPI)?

Cashless Economy in India - Unified Payments Interface (UPI)

How to Approach the topic ‘Cashless Economy in India’ for UPSC

Economics – Learn about UPI, Payments Modes etc.
Current Affairs – Check on important editorials related to the Indian economy.

General Studies III:

Indian Economy
Cashless Economy – a probable essay topic

Practice Questions:

Which of the following committees dealt with digital payments?
Urjit Patel committee
Bimal Jalan committee
Ratan Watal committee
Nachiket Mor committee
Critically Discuss the benefits of India transitioning into a cashless economy. Does India possess the required prerequisites?

Frequently Asked Questions on Cashless Economy in India

Q 1. what is cashless economy and is india ready for cashless economy, q 2. how is cashless economy beneficial.

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How India can become a cashless economy

Targeted incentives will encourage consumers and merchants to consider moving away from cash. this might be achieved by reducing the cost of digital payments, introducing cash-handling charges or restricting the use of cash above certain thresholds.

Updated Jul 23, 2021, 4:42 PM IST

There is a lot of ground to be covered for India to become completely cashless

The steps and the global case studies India can undertake to move towards a cashless society

Increased penetration of internet and banking system: Approximately 45% to 50% of the Indian population still doesn't have internet access, and approximately 20% of the population does not have access to a bank account. There is a lot of ground to be covered for India to become completely cashless, and steps need to be taken to increase the penetration in both these areas. Establish the right incentives: Targeted incentives will encourage consumers and merchants to consider moving away from cash. This might be achieved by reducing the cost of digital payments, introducing cash-handling charges or restricting the use of cash above certain thresholds (the EU is currently considering this measure).

Cashless India : Meaning, Essay, Speech, Article

Cashless India means essay, speech, article .

Introduction

India is one of the largest and fastest-growing countries in the world. Many countries compete to undermine the Indian economy in various ways. Although India has its advantages, it also has many disadvantages. The biggest disadvantage is the highest poverty rate in India, which is probably due to the increased circulation of black money in the country. So our Prime Minister, Narendra Modi, has come up with some wonderful ideas to make India number one in all areas. Mr. Narendra Modi’s ideas are the result of the growth in the field of technology.

NON-MONETARY INDEX: Meaning

Cashless India is nothing more than the use of technology to manage the flow of money. When people start using electronic banking and e-commerce methods to solve their payment problems, the flow of black money will automatically stop. The most important advantage is that people put all their income in the bank and pay their taxes well so that everything is systematic and well organized. This is the most effective and fastest way to stop and dismantle the spread of illicit money.

CASHLESS INDIA Initiative Mr. NARENDRA MODI

His most innovative idea is to implement Digital India to make India a country with good business knowledge. The amount invested in this large project is about Rs. 1.13.000. According to the Ministry of Electronics and Information Technology, the Digital India project was to be set up.

VISION ON DIGITAL INDIA

Here are some of the statements included in Digital India’s vision.

Providing high-speed internet to the whole of India, including remote and hard-to-reach villages.
To teach and promote the benefits of online banking to people in remote villages.
Help illiterate people learn how to use their mobile phones and bank accounts to make efficient financial transactions.
No conspiracy to provide public services to the public.
Facilitating the accessibility of public services online and in mobile applications.
Supporting medical care in all parts of India through telemedicine.
Ensure that all government sources of information available in the CLOUD application are accessible to all citizens of India.
Offers services based on the principles of humanity rather than the social status of a person.

NUMERIC ITEMS IN INDIA

There are pillars that serve as a platform of moral support for the realization of this great idea:

The availability and distribution of internet access to all parts of India, even to the most remote and hard-to-reach villages.
The focus is on spreading mobile connectivity across India to make it easier for citizens to carry out public services, banking, and financial transactions via mobile applications.
Public access to all public services, documents, and sources of information via the Internet
The training of engineering students is mainly focused on aspects of information technology because it has become very useful in this competitive world and also for the success of this program.
Activation of software applications, such as. B. the use of biometric applications for recording presences, transactions, etc.
The focus is on the development of electronic gadgets such as smart cards, micro dispensers, microcars, etc.
Decisions and new ideas to be implemented by the government are communicated to the public via social media such as Facebook, Twitter, etc. or are published on the publicly accessible MyGov website.
Electronic control to prevent collusion
Facilitating the electronic delivery of all types of services, e.g. B. in health, education, finance, justice, law enforcement, and agriculture.

The first step towards digital India was the abolition of the 500 and 1000 rupee notes in India. I understand that it will be very difficult to adapt to such changes immediately, but unless immediate action is taken, the economic situation in India will only worsen. So it is up to us, the citizens and youth of India, to promote this great India, inspired by our Prime Minister, Mr. Narendra Modi, who has a brilliant vision for the future of India. Let us teach our brothers and sisters in this country the benefits of e-banking, Digital India Vision, etc. if they are not aware of them, for it is also a way to beautify the relationships between people of different religions. Always be careful what you say,

Working together is a start; working together is progress; working together is a success.

– Henry Ford

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Essay on Cashless India in English for Children and Students

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Long and Short Cashless India Essay in English

We are here providing a variety of long and short essay on Cashless India to empower the students with ready material available online in different word length – in 100, 150, 200, 250, 300 and 400 words.
These Cashless India Essay written in a simple language will help the students choose any one as per their requirements.
After going through these essays you will understand the concept of cashless India and its benefits on the economy.
You can use the essays in your school/college competitions for writing essays, debates or giving speech.

Cashless India Essay 1 (100 words)

Cashless India Essay 2 (150 words)

Cashless India Essay 3 (200 words)

The Union government headed by PM Narendra Modi has moving towards realizing his vision for cashless India. Ever since demonetization of the old currency notes of Rs 500 and 1000, which was announced by it on November 8, 2016. It was really bold move considering the fact that in India people are more reliant on cash than in other countries of the world. Suddenly, there was severe shortage of cash in the wake of this decision and people had to encounter great difficulties in buying things they wanted with little cash available in banks and ATMs they would throng in unending queues day and night.

Conclusion:

However, the benefits of this move have now started trickling in with more and more people switching to digital modes of receiving and making payment. India is gradually transitioning from a cash-centric to cashless economy. Digital transactions are traceable, therefore easily taxable, leaving no room for the circulation of black money. The whole country is undergoing the process of modernisation in money transactions, with e-payment services gaining unprecedented momentum. A large number of businesses, even street vendors, are now accepting electronic payments, prompting the people to learn to transact the cashless way at a faster pace than ever before.

Cashless India Essay 4 (250 words)

Cashless India a term coined recently after the Union government went ahead with its plans to demonetize currency notes of Rs 500 and Rs 1000. Initially, it led to severe criticism as people faced great difficulties in exchanging the old currency notes or withdrawing cash from their accounts.

According to the critics of the government, adequate arrangements should have made in advance to support the people in dealing with cash crunch in the wake of this move towards cashless India. Also, adequate security measures required to guard online transactions against fraud which is very common in India. They critics further argue that due to unavailability of required cash flow in the market, many people died and lost their jobs, painting a scary picture of India becoming cashless post-demonetization.

After demonetization of currency notes of Rs 500 and 1,000, country has witnessed surge in cashless transactions through digital mode. Through credit/debit cards, mobile phone applications, UPI, BHIM app under (AEPS) etc.

True, there are difficulties in implementing idea of cashless economy in a vast country. Like India where large number of people living under misery and poverty, yet beginning had to made someday. Today, there is sea change in mindset of people with regard to digital means of monetary dealings which are safe, easy, convenient and transparent. There is no place for black money or counterfeit currency in cashless India.

Cashless India Essay 5 (300 words)

Cashless India recently introduced phenomenon targeted to bring a sea change in country’s economy by Indian government.

However, still various challenges to addressed if we want to make India cashless in true sense. India is vast country and convenience of making transactions through the online mode is not available across country. In small cities and villages, the people are mostly suffering due to acute cash crunch situation. To make India cashless in true sense, investment required to made in enhancing the facility required on a mass scale for cashless transactions across country.

Handling the flow of cash with digital technology has a range of advantages. It have made people keep all their cash into the bank and hence liquidity in banking system has increased. Also, it has stopped the flow of black money, up to some extent. Now banks and financial institutions have more money to lend to the people to support growth of Indian economy. The other most important advantage is that this situation will make people pay their taxes in a transparent manner; hence the government will have more money to run various schemes meant for the welfare of the public.

Post-demonetisation, people have finally started believing in power of plastic money in form of credit card card, and other channels of electronic payment. Online banking has gained prominence due to unavailability of enough cash in the market. Moreover, E-commerce modes of making payments have also become popular. As most of people have now started making payments of even Rs 50 through the digital modes. All these developments considered to be good for the healthy growth of the economy.

Cashless India Essay 6 (400)

Introduction

Cashless India is move assumed significance in backdrop of demonetisation of high value currency by NDA government at Centre. On November 8 2016, PM Narendra Modi announced demonetisation of currency notes of Rs 500 and 1000 and took people by surprise. People standing in spiralling queues at ATMs and bank’s counters to exchange their old currency notes .

However, the new cashless revolution ignited by this move has gradually started changing the mindset of people, who were earlier mostly dependent of currency notes only for doing transactions.

Benefits of cashless India

Cashless transaction does away with any hassle to carry cash.
It is in keeping with the worldwide trend. People need not carry any cash in various countries around the world as most of the transactions done electronically.
Since cashless transactions are traceable, they invite payment of taxes, wherever applicable, thus ruling out use of black money.
Tax collections become easy through cashless mode, it accelerates pace of economic development. Basically it is making easier for government to spend on education, health care, employment generation.
Increased tax collections lead to reduction and simplification of the tax structure.
Transfer of monetary benefits to poor and needy through bank transfer rules out their exploitation by unscrupulous middle men.
Cashless transactions deal a body blow to counterfeit currency or distribution of black money through Hawala channels. It also cuts the supply of unaccounted money used in funding of criminal and terrorist activities.
It saves the government substantial costs in printing and circulation of currency notes.
Increased liquidity of money with banks makes them lower their interest rates. However it puts the huge amounts of cash deposited with them to some productive use.

Part of Digital India programme concept of cashless economy in India centred around vision of transforming country into a society. However, which digitally enabled and empowered by several modes of cashless transactions. Digital modes like cards, mobile wallets, UPI, AEPS, USSD, etc gained in currency leading to cashless India in near future.

Related Information:

Paragraph on Digital India

Essay on Digital India

Essay on Make in India

Digital India Scheme

Cashless India Essay

It is very difficult for people to carry cash in larger amounts. We have been noticing the news of robbery or thefts in the newspapers regarding these cases. The new emerging technology namely cashless India has made transactions easy for the people. We need not carry cash amounts but the same can be given by card payment or via online applications.

Short and Long Essay on Cashless India in English

Short and long essays on Cashless India in different word limits are given below for students of classes 1, 2, 3, 4, 5, and 6. The language is kept simple so that every student can understand these essays properly.

10 Lines Essay on Cashless India (100 – 120 Words)

1) The government launched the “Cashless India” scheme to make India a cashless economy.

2) A cashless economy promotes online transactions instead of cash transactions.

3) As part of Digital India launched on 1 July 2015, a cashless India is envisioned.

4) This scheme will also help in controlling corruption.

5) The growing cases of robbery and theft will also be reduced due to this scheme.

6) Cashless transactions are fast and more secure than cash transactions.

7) This scheme aims to carry out all the financial activities digitally without involving physical cash.

8) Cashless transactions can be done through UPI (Unified Payment Interface), online banking, micro ATMs, etc.

9) However, online transactions are prone to cybercrimes.

10) This scheme is a disadvantage for poor and illiterate people.

Essay 1 (250 words) – Advantages and Disadvantages of Cashless India

Advantages:

Fast and convenient transactions – The transactions can be easily done by using smartphones through Paytm, Google pay, UPI, etc. The process is very fast and easy to do.
No theft risks – When we opt for cashless transactions we will not have to carry cash with us. This will reduce the chances of theft.
Environment-friendly – Cashless transactions will help in reducing the charges of printing currency notes and coins. It promotes the efficient use of paper and hence an eco-friendly initiative.
Exciting discounts – We avail of good cashback and offers whenever we do debit/credit card or online transactions.
Reduce corruption – In cashless transactions; there will be transparency as the transactions can easily be traced. Therefore it will help in reducing the bribery and flow of black money in India.

Disadvantages:

Risk of online crimes – The risk of online fraud and cheating is a threat in doing online transactions. People fear doing online transactions as many have been the victim of these online frauds. The government needs to impose a high-security check in the system to foster safe digital transactions otherwise the dream of making India a cashless nation can never come into reality.
Poverty and illiteracy – Many people in India are illiterate and are living in poverty. People in rural areas do not know how to use smartphones. It is difficult to make this mission successful without eliminating these problems.

Essay 2 (600 Words) – Meaning of Cashless India and Digital Payment Methods

Introduction

Cashless India is a vision of the Government of India of a cashless transaction society. Cashless India is envisioned under the Digital India campaign launched on 1st July 2015.

Meaning of Cashless India

Digital Payment Methods

The following digital payment methods are used under the Cashless India campaign –

Banking Cards

Unstructured Supplementary Service Data (USSD)

Unified Payment Interface (UPI)

Mobile Wallet

Point of Sale (POS) Device

FAQs: Frequently Asked Questions on Cashless India

Ans . Sweden has reduced its cash transaction to 2% and thereby moving towards a cashless nation in the world.

Ans. India invests 1.7% of its GDP in printing the cash.

Ans. It will be helpful in reducing crime and fraud and save money wasted on printing and circulating cash.

Ans . Yes, demonetization fostered online transactions as there was a scarcity of cash thereby giving a pace to cashless India.

Ans . Dhasai, a village in Thane district Murbad taluka in Maharashtra, is known to be the first cashless village in India.

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List of essays on cashless economy, essay on cashless economy – short essay (essay 1 – 150 words), essay on cashless economy – in india (essay 2 – 250 words), essay on cashless economy – written in english (essay 3 – 300 words), essay on cashless economy – role in transforming india (essay 4 – 400 words), essay on cashless economy – for school students (class 8, 9, 10, 11 and 12 standard) (essay 5 – 450 words), essay on cashless economy (essay 6 – 500 words), essay on cashless economy – for college and university students (essay 7 – 600 words), essay on cashless economy – long essay for competitive exams like ias, ips and upsc (essay 8 – 750 words).

It is a common sight nowadays where people use electronic means to make payments. Digital transactions have become normal for people especially those living in urban areas. Gone are the days when one has to visit a bank to withdraw money. There are ATM machines everywhere which substitute as money vending machines.

There are so many merits of a cashless economy. However, like every other thing, there are demerits as well.

Audience: The below given essays are exclusively written for school students (Class 8, 9, 10, 11 and 12 Standard) and college students. Furthermore, those students preparing for competitive exams like IAS, IPS and UPSC can also increase their knowledge by studying these essays.

A cashless economy refers to the kind of economy wherein most transactions are carried out in the digital format. You no longer need cash for making payments as there are several wallets, online payment, cards which can make things easier for you.

Merits of Cashless Economy:

Here are the main merits of having a cashless economy:

i. It becomes very easy to pay

ii. You do not need to worry about carrying cash wherever you go

iii. It minimizes the risk of being robbed of your money

iv. It is definitely a dynamic option as far as the economy is concerned

v. It also helps in curtailing black money

Demerits of Cashless Economy:

Following are the main demerits of having a cashless economy:

i. It is very susceptible to increasing cases of cyber crime

ii. It is hard to be used by people who are not educated

iii. It requires basic use of technology

So, one should optimize the use of cashless economy and also educate the mass to spread its use.

“Cashless Economy” is the system where all the monetary payments are done by using digital means like internet banking, debit, credit cards, e-wallets instead of hard cash. India was introduced to “cashless economy” in a pronounced way in 2016 when the Union Government led by Shri. Narendra Modi announced demonetization and scrapped the old currency of Rs. 500 and Rs. 1000.

“Cashless Economy” promotes electronic payment methods which improves transparency and accountability. Tax collection increases as all the transaction takes place through bank accounts. “Cashless Economy” can strongly mitigate corruption and flow of black money as all the deals can be traced. Online payment comes handy, thus people need not carry cash all the time. “Cashless economy”, is time saving and prevents theft and burglary of liquid cash. “Cashless Economy” endorses paperless environment friendly means, it will save a huge amount of money spent on printing and maintenance of currency.

“Cashless Economy” embodies Digital India, but even now most of the demographic lives in rural areas which are deprived of technological advancements and its knowledge. Small businesses still use cash as they cannot afford digital infrastructures. Hackers and Cyber Crimes are a huge threat to “cashless economy” as most of the digital transactions are vulnerable to these antisocial elements. India is lacking robust and widespread internet connection in all parts of the country which becomes a huge hurdle in practicing “cashless economy”.

Conclusion:

People must be educated about “cashless Economy” and its benefits. “Cashless Economy” can be practically realized in India by providing secure, viable and free internet centers must be provided for such major transactions.

Introduction:

Cashless economy is an economy which extremely depends on digital transactions or digital cards all over the nation. In a cashless economy, the outflow and inflow of physical money are very marginal.

Why have a Cashless Economy?

In November 2016, an idea of cutting down the black money in the nation was given by Prime Minister of India Mr. Narendra Modi. He blocked the utilization of currency notes of Rs. 500 and Rs. 1000 and presented the new notes of Rs. 2000 notes to the public. With this drastic step, he also introduced the scheme of Cashless economy in the country.

Merits of a Cashless Economy:

1. Cashless Economy results in the digitization that is time-saving and tech savvy.

2. The flow of liquid cash gets reduced with the cashless economy

3. It helps in wiping off the black money from the market

4. Carrying the electronic gadgets and cards is much safe and easy to carry

5. Cashless economy is beneficial for checking the cash transactions.

1. The hackers can easily take the whole control of the cashless economy

2. People are not much aware of the concept of the cashless economy which needs more awareness

3. Old age people are not tech savvy which makes it quite tough to teach them about the cashless economy

4. The workload on the banks will get an increase

5. There is lack of internet connectivity in rural areas in our nation which makes it difficult to commence the concept of the cashless economy in every region

The concept of cashless economy is very useful for curbing out the black money from the nation. The lack of sufficient infrastructure and illiteracy is one of the major hindrances in the path of the cashless economy. But to get its desired results, we need to change ourselves also as the merits of the cashless economy are more than its demerits.

Cashless economy is a condition where the flow of cash becomes insignificant and all the personal and commercial money transactions are done digitally. Demonetization is one of the major initiatives by the government looking forward to a cashless economy and digital future. People had to go through many difficulties to overcome the short notice decision; but before blaming the authority we have to know the benefits of cashless economy.

Advantages of Cashless Economy:

The major motive in promoting cashless economy is to wipe away black money to a certain extent. All the illegal activities like immoral trafficking, drug business, smuggling, etc., are done in cash and enabling digital transactions can almost nullify them. Banking and economy system becomes more transparent with the launch of cashless economy and also reduces the chance of fake currencies.

Cashless economy not only benefits country’s status but also ease personal effort and saves time. We need not wait longer in bank queues to make a single transaction; a few clicks over smart phone or computer systems shall do the job safely and quickly. While travelling also, all you have to carry is the debit or credit card; no more carrying wallet or tension of taking cash in pockets.

With the cashless economy, the government gets a clear monitoring facility over money transactions and thus trims down number of tax evasions. Also the public can ensure that the welfare funds allotted to every department is being transferred to eligible beneficiaries as they will be given to personal accounts without a third man interruption. On being cashless economy, Government also will save the cost of printing paper, moneys and coins; the saving can be invested in issuing digital machines needed for retailers and other related purposes.

Disadvantages of Cashless Economy:

Cashless economy is comparatively acceptable for educated and technically knowledgeable ones, whereas the procedures are still unknown for common men. Lack of awareness on how to do digital transactions hassle the normal society. Lesser understanding leads to increased cyber threats and people get trapped to hackers.

Our Role in Transforming India a Cashless Economy:

The first and foremost step as a part of our contribution to cashless economy is changing self. The youth and educated ones can help backward people by giving training on how to manage digital transactions and make them aware of the importance of this transformation. Cashless economy should be a team effort where the government and people should have equal dedication.

‘Cashless Economy’ is a great initiative in India undertaken by the Narendra Modi government. Cashless Economy means reduction in cash transactions and increased use of digital transactions. The Government of India introduced the method of Cashless transactions in November 2016. It started with the demonetization of Rs.500 and Rs.1000 currency notes. This was considered to be a great move to reduce the dependency of cash in India. The sudden announcement of moving into Cashless Economy brought mixed responses from the citizens as well as financial experts.

Let us now analyze the merits and demerits of Cashless Economy in India.

Implementing Cashless Economy has numerous benefits and it is a great way to develop our economy.

i. The first and most important advantage of going Cashless is that it stops ‘black money’ in the market. When all the transactions are to be made through banking systems, credit and debit cards or through other digital means, there is no way to secretly store money without records.

ii. By implementing Cashless Economy, the country has reduced terror related crimes because black money is mainly used for funding terrorist activities.

iii. Dependency on cash will be much reduced and people need not worry about theft. Extortion and bank robbery will also decline.

iv. Since all transactions become digital, the details of income can be traced and thus income tax payments become mandatory. Thus, Cashless Economy helps in increasing revenue to the Government.

Every new initiative will have its share of negative criticism and implementation of Cashless Economy is no exception to that.

i. Though the idea of Cashless Economy is acceptable, the experts feel that before launching such a crucial financial system, the government should have validated whether adequate facilities are in place across the country.

ii. Poor people are the most affected by this plan since they do not have any knowledge on using internet. People in rural areas are mostly illiterates. Most of them are farmers and daily wage workers; expecting them to do digital transactions is meaningless.

iii. Also digital transactions involve sharing of personal information in the internet. In today’s world where cybercrime is at its peak, sharing such information without proper security measures will lead to serious crime.

People’s View on Cashless Economy:

Although there were initial hiccups when demonetization was announced and Cashless Economy was launched, people slowly started making digital payments.

But most of the citizens feel that the government must improve the infrastructure if the plan has to yield its benefit. Many merchant outlets do not support Cashless purchases; how many petty shops accept debit or credit cards? The total ATM machines installed is very less compared to the country’s population. When metro cities face such difficulties, the state of villages is pretty imaginable.

People are ready to accept change if they are guided in a proper way.

Launch of Cashless Economy has brought about a sea change in Indian economic system. Since digital transactions are easier and faster, people are more interested in doing digital transactions that ever before.

‘Who needs Cash if we can survive with Card?’

The term “cashless” literally means a person without cash. However, in the contemporary set up, cashless refers to the digital forms of transactions, where no physical cash is in circulation. Cashless transactions include transactions through credit cards, debit cards, virtual wallets or electronic fund transfer systems by the bank.

Cashless economy can reduce, to a greater extent, the cost associated with creating, printing, and transportation of physical cash. Without physical money in hand, the incidents of theft and stealing can be reduced. As the cashless economy works on the self-banking process, the money can’t be hacked by any person without proper credentials. The cashless economy can help the e-commerce to flourish. The E-business can be developed as people from various locations are transacting and nurturing the business.

There will be a downfall in the real estate business. Any illegal money transaction or possession of black money in the market will be curbed if a cashless economy is implemented. Also, the black money stagnated in the hands of politicians can also be traced and brought into account because there will not be any more instances of buying the votes. Thus, it becomes easier to go behind the black money and any illegal or unauthorized transactions, as the whole transactions are recorded in the bank system. This can result in a transparent system of the transaction and it will be easy to fight corruption.

Such an organized transaction can also aid in the increased tax revenues which can be used to develop the country’s economy. The cashless system can also reduce the instances of counterfeit notes. This, as a whole, can prevent terrorism intervening in the country. Printing of the currency notes in India costs close to 30 million per year. Cashless economy can cut down these charges and the government can utilize that money for other social and educational policies.

Being a developing nation, many villages and citizens in India do not even have a valid bank account. Computer illiteracy is higher, thus it prevents electronic transactions. Moreover, the rural locations do not have proper reception of internet on which the whole electronic transactions depend upon. The reach of digital transactions is limited to only urban city centers and hence, it is somewhat difficult to implement the complete cashless economy system in such a big country like India.

As easy as it sounds, it is also risky to do online transactions due to security issues. People with half-baked knowledge are easily exposed to cyber fraudulence activities and lose their money. The growing thirst of becoming rich has made people use crooked ways to earn money. In this line, hi-tech stealing of others’ money by exploiting the loopholes in the cyber world is becoming a major threat.

Additionally, extra charges are levied on the cashless transactions across the counters in any business outlets that people are hesitant to switch over to a completely cashless system. On the other hand, not all shops accept the credit and/or debit cards during a purchase.

The cashless economy has its own sets of merits and demerits. In huge democratic countries like India, before implementing the system, the government should count into expert opinions to analyze strategically and work on the implementation of such plans for better economic growth in a sustainable way.

Cashless economy has many merits and demerits. It has changed the direction of our country in terms of the economic conditions. It has brought a lot of transparency and ease of cashless payments with it. As with any other technology, this also faces risks of hacking and cyber-attacks. So, there needs to be some measures in place to make the system more secure and safe for use. We have not completely moved to a cashless economy but we have initiated the transition towards a cashless economy.

What is cashless economy?

A cashless economy is a system where there is no circulation of physical cash in the economy. In this system, the payments are made via credit cards, debit cards, electronic fund transfer systems like NEFT or virtual wallets like PayTM.

There are many benefits of a cashless economy. Some of these benefits include that there is no need to carry wallet anymore, it saves a lot of time and is hassle-free. Use of cashless system also helps in reducing long queues in banks which saves time of both, customer as well as banking professionals. And everyone these days has a smartphone with them so making a transaction in cashless economy is much easier and simpler to do. You can make a large transaction without having to carry loads of money which might not be safe.

There are other benefits that limit illegal activities such as reducing chances of tax evasion, money laundering, lowers threat of counterfeit currency and reduces use of black money. All this makes monitoring of transactions and money movement more easy and manageable for the government and the Revenue Department. As the economy becomes cashless, it is also more cost effective as it lowers the necessity of printing of notes and minting of coins.

Along with all this, the Government has started sending the funds directly to beneficiary’s account so that a middleman is completely avoided. The user gets the money directly and there is no chance of losing money because of corrupt officials and middlemen.

Although there are many benefits, there are certain drawbacks of a cashless economy too. With the digital transactions involvement, there is some population that is not as tech savvy as others. It is difficult for them to manage digital payment methods. Even though it is a system of cashless economy, a bank account is a primary requirement. There are many people in the country who do not have a bank account of their own. There is also lack of financial awareness in the people and that leads to their dependence on conventional mode of transactions.

Also, the digital payment systems might not be available at every place as that itself requires some investment on the retailer’s part. An infrastructure of good internet network is also required to make any digital transaction. This is not well established in many rural regions of the country. On user side, there might be some transaction fee levied to the customer in form of internet handling fees and such which is not there in the case of cash transactions.

As it is a digital system, it is prone to cyber-attacks and can be hacked. This makes security a primary concern for any payment system portal. Because of this, it is more risky than traditional cash transactions.

For this cashless economy system to be well established there needs to be certain challenges that need to be overcome. Some of these include developing adequate infrastructure and making people more aware about such systems. So, even though there are certain demerits, the merits associated with the cashless economy outweigh those.

A cashless economy isn’t one where no cash changes hands. Rather, it includes exchanging cash by means of advanced and electronic techniques. In a cashless economy, most of the payments are made using digital modes which do not require cash to be present physically. A cashless economy is the trend of the day and many individuals have now switched over to having most of the transactions online.

A cashless economy is a new concept having being introduced in the 1990s. However, the barter system of earlier times is often referred to as primitive means of a cashless economy when people did not have specific currencies.

There are many advantages of a cashless economy. First and foremost you need not carry cash all the time with you. At one point it is convenient to just carry a card or an app in your mobile while in the end, it protects you from chances of theft.

Another advantage is that it helps in curbing the black money as the transactions are done electronically and are on record. It makes it easier for the government to monitor transactions where huge sums of money exchange hands.

A cashless economy is more convenient to use. You need not go to the bank and stand in queues to transfer money. Moreover, electronic transactions can be done anywhere, anytime. This reduces the dependency on the banks and makes the payments faster.

The cashless economy has certain advantages for the government as well. Since the cash remains with banks in electronic transactions, there are fewer chances of a cash deficit for the government. Moreover, since the transactions are recorded, it increases in the tax revenue generations as well. This increased revenue is helpful for the government in using it for different policies intended for the betterment of the people.

Additionally, electronic payments ensure that people do not use counterfeit currencies. This reduces the chances of the economy being affected due to the circulation of large fake currencies. This, in turn, helps in the prevention of terrorism as well as most terrorist activities are based on physical cash and counterfeit currencies.

Also, the need for large denomination currencies does not arise if the people switch to electronic payments in large transactions. For the small transaction, coins and smaller currency notes serve the purpose. This reduces the burden on the government to print new currencies.

There is the other side of the cashless economy as well. A cashless economy can only be possible if there is proper internet connectivity in the region. This is the basic requirement for any electronic transaction. Given the situation in countries such as India, not all areas have proper internet connectivity. This makes it impossible for the people living in such areas to depend on electronic transactions.

Another disadvantage of cashless economy is that not too many people in India are educated enough to understand the working of an electronic transaction. In fact, many people still do not have bank accounts. However, this situation has improved after the implementation of Jan Dhan Yojna by the government. Still, the concern for lack of information remains. This makes such people vulnerable to cyber-attacks and increases their chances of losing money to e-theft.

Another major disadvantage of this system is the reluctance of people to keep money in the banks. Even today, many people believe in keeping cash with them rather than using a debit or a credit card. It is difficult to make such people understand that electronic payments are in fact safer than physical payment methods.

Another disadvantage is that since physical cash does not change hands, people don’t realise how much they have actually spent in a day. Often this leads to budgetary issues for the people by the end of the month.

There are advantages as well as disadvantages of a cashless economy. However, with the introduction of safer methods and stricter rules by the government, it is definitely the most sought option as of now. Cashless economy increases the speed at which the money is transferred from one person to another. Moreover, it provides transparency in the transactions as well.

On the other side, it is important for the individuals to follow the security procedures in place such as not sharing the card details with anyone. This is important to ensure no illegal transactions take place and the money remains safe.

On the government’s side, it is important for the government to address the issues related to achieving a proper cashless economy by providing financial education to the people along with better internet services. A cashless economy is definitely an integral part of our financial system now and is here to stay.

Black Money , Cashless Economy , Digital India , Economics

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Cashless Economy Essay

In this Cashless Economy Essay , we have discussed the Cashless economy in India in detailed.

Along with the advantages and disadvantages of Cashless Economy, what is digital payment and its effects in India are also discussed.

Cashless Economy India is a mission launched by the Government of India under the leadership of Prime Minister Narendra Modi to reduce the dependence on cash and heap unused false black money hoarding in the banking system.

The country began this cashless transition when the government took the revolutionary step of Demonetisation of old notes of 500 and 1000 rupees on 08 November 2016 .

We had provided various essay on cashless economy , read this complete article for more information.

Cashless Economy Essay 1000 words:

What is the cashless economy.

When you buy any goods from the market, usually pay the price of the goods by paying cash and when we pay the money with Debit card, Credit card, Mobile App, or Wallet or Internet and Mobile Banking.

This is called Cashless Payment or Digital Payment .

Its uniqueness is that even if you do not have cash, you can easily transact through the cashless payment app.

Finance Minister Arun Jaitley has announced the following concessions to promote cashless payments:

1. Credit card / debit card / metro card, e-wallet will get 0.75% discount on petrol / diesel purchased at petrol pumps.

2. Indian Railways Catering and Retiring Room will get 5% discount on cashless payment.

All railway passengers buying online train tickets will get a free insurance cover of ten lakh rupees.

3. 0.5% discount will be available on online purchase of monthly and season tickets in suburban trains.

4. Public sector life insurance companies will get an 8% discount on online payment of life insurance policy and 10% on online purchase of general life insurance policy.

5. Public sector banks will not charge more than Rs 100 per month for POS machines.

6. Digital transactions up to Rs 2000 will not attract service tax.

7. NABARD RuPay Cards will be made available to all Kisan Credit Card holders.

According to the Managing Director and CEO of National Payments Corporation of India, the number of transactions through mobile has increased from 12 lakhs per day to 18 lakhs per day.

Implementing digitization is an obligation to develop a cashless economy after demonetization.

The Ministry of Electronics and Information Technology, Government of India has started a 24-hour channel named “Digital Shala” to give people information about cashless transactions. It is being run by Doordarshan.

Digitization of a developing country like India is not as easy.

Nevertheless, the following challenges make the success of Cashless India Mission mentioned in this Essay:

Around 30 crore people of the country are illiterate.
Over 30 crore people are educated but are not proficient in operating or using electronic devices.
Telephone density maybe around 82% but smartphones are still with limited people.
Internet is not available in all geographical areas of the country.
The uninterrupted power supply is not available.
There is no exact system of cybersecurity.
95% of the population of the whole country still works with cash transactions.
Presently, these are some ways of cashless online payment in India, with the help of which people are working online money transfer/payment etc. even in the event of no cash.

Also, read the Merits and Demerits in Cashless economy essay in 300 words below.

9 Cashless Online Payment Methods:

Cashless online payment methods / digital payment methods can be divided into three parts:

1 . Plastic Money:

Two types of cards are in trend nowadays under Plastic Money.

Debit Card:

This is the most popular method of cashless online payment method.

Whenever it opens a new bank account, the bank gives it an ATM i.e. debit card.

Not only can transactions be done in ATM machines, but cashless online payment can also be done.

Credit Card:

The bank provides a card in it which can be used to the limit set by the bank and this limit is determined on the basis of income.

Credit card is the most convenient way in the way of cashless online payment because it does not always carry cash nor worry about the balance in the bank account.

2. Electronic Fund Transfer:

Through this, you can transfer money to someone.

This cashless online payment method can be divided into three parts:

NEFT (National Electronic Funds Transfer):

With this, you can transfer money only when the bank is open.

There is no limit on the maximum amount of money you can transfer from NEFT.

RTGS (Real Time Gross Settlement):

It is used for high/large value transactions.

In this, you cannot transfer less than 2 lakh rupees and can transfer a maximum of 10 lakh rupees.

IMPS (Immediate Money Payment System):

With this money is transferred instantly with safety and its speciality is that its service is available 24 * 7 day or night.

3. Best Cashless Payment App/ E-Wallet:

After demonetization, E-Wallet has become a great option as a way of cashless online payment.

Just as the bank allows us to spend our money through debit card, in the same way, some payment services allow payment through a computer or mobile app.

The same facility is also provided through e-wallet.

Apart from private companies, many banks have also issued an E-wallet facility.

At this time, e-wallet is growing very fast due to lack of cash.

Through this, we can get money from booking cabs, eating in restaurants, shopping to watch movies, as well as giving friends their phone numbers.

On paying this, companies also give some per cent cashback. Also, Read more about Cashless Economy Essay in 500 words.

Nowadays there are many types of e-wallet cashless online payment methods available in India, out of which I am talking about some famous e-wallet:

As a way of cashless online payment, Paytm has become a better option in a very short time.

Just like you keep money in your purse, you can keep money in Paytm wallet.

You can download it from Google Playstore.

If this app is already present in your mobile, then update it so that it can take advantage of its new features.

In this, you can create an account with your name, mobile number and email address.

From here you can deposit money in your paytm account through your debit card, ATM or net banking and transfer money to someone or ask for money from your friends.

You can also easily purchase and pay bills through Paytm.

Freecharge:

It is necessary to have a free charge app in mobile to take advantage of it.

So, first of all, download the Freecharge app from Google Playstore in your mobile.

You can pay for mobile recharge, DTH, petrol, gas etc. from this app.

You can shop online from eBay, Jabong, Mintra etc.

Apart from this, you can also pay for Bookmyshow, MakeMyTrip, Bigbasket etc.

First of all, you have to download the Mobikwik App in your mobile from Google Playstore.

After this, registration will be done on MobiKwik through your email id and mobile.

After registration, from this app, many options have been given to book from mobile / TV recharge to bus and also you can pay at more than 1 lakh offline and online stores.

Oxigen Wallet:

Through this money is immediately transferred. Oxigen Wallet can be paid to anyone anytime and anywhere in less than 5 seconds.

There is no need to keep a minimum balance in Oxigen Wallet.

There are many offers on shopping with merchant partners of Oxigen Wallet.

Along with online shopping in India, the trend of people has also increased towards online payment.

Cashless online payment has solved the cash problem of the people on the one hand, on the other side, people’s time is also being saved.

People do not have to stand in long queues of banks or ATMs and people are able to easily get the goods they need. We hope you like the Cashless economy essay.

Also, Read Is India ready for a cashless economy in Essay on cashless India 500 words below.

Essay on Cashless India 500 words:

In today’s times, financial transactions do not take place in physical form (banks, notes or coins) with money but through the transfer of digital form, it is called a cashless economy.

Cashless India mission was launched by the Government of India under the guidance of the Narendra Modi.

Is India ready for a Cashless Economy?

No, India is not ready for a cashless economy.

The objective of this mission is to reduce the dependence of the Indian economy on cash so that large amounts of hidden black money in the country can be brought back to the banking system.

Increase of Digital Payment and digital payment transactions by the Demonetization.

The mission started on 8 November 2016, when the government, in a revolutionary initiative, announced a sudden depreciation of old notes of 500 rupees and 1000 rupees, and this caused panic in the entire country.

The government took this step to end the parallel economy run by black money and fake currency, which was mainly being used for funding criminals and terrorists.

Because of this decision, people struggling with a severe shortage of money and they had to stand in long queues outside banks and various ATMs to exchange their old currency and get new currency.

Initially, people had to face a lot of difficulties to replace the old currency with the new currency and withdraw money from their own accounts and that is why the government’s move was also severely criticized.

According to the government’s critics, it was not right to take such a big step suddenly without suitable arrangements.

According to him, all the arrangements should have been made before taking such a step.

Critics said that online transactions are not safe in India and incidents of online fraud are common.

Therefore, there is a need to adopt suitable security measures.

Critics presented a very frightening picture of the entire episode, arguing that due to unavailability of required cash flow in the market, many people died and many people lost their jobs.

However, after the demonetization of all the old Rs 500 and Rs 1,000 currency, the country has witnessed a surge in cash transactions by the digital medium.

Cashless India through various applications under credit/debit cards, mobile phone applications, Unified Payment Interface (UPI), Bhima (Bharat Interface for Money) app, Aadhaar Enabled Payment System (AEPS) or e-purse.

The expected progress towards achieving the target has been recorded. Also, read below Essay on Cashless India.

There are several advantages of controlling cash flow with the help of digital technologies.

Due to cashless transactions, people have to keep cash in banks and due to this, the liquidity in the banking system has increased.

Along with this, the flow of black money has been controlled to some extent.

Now more money is available in banks and financial institutions to support the development of the Indian economy and to give loan to the people.

Apart from this, the most important benefit has been that this situation will inspire people to pay their taxes in a transparent manner and thus the government will have more money to run various schemes designed for the welfare of the public.

Also, read 1. Essay on GST 2. Digital India Essay 3. Swachh Bharat Abhiyan Essay

Cashless Economy Essay in 300 words:

Cashless India is a recently launched campaign by which the Government of India is moving towards making the cash-based economy to cashless through digital means and thus endeavours to bring a major change in the country’s economy.

Merits and Demerits of Cashless Economy:

Advantages of cashless economy:, 1. no need to carry money:.

Ease of financial transactions is the best thing for digital payment systems.

You do not need to carry cash, plastic cards, bank or ATM lines.

This is a safe and easy option to spend, especially when you are travelling.

2. Pay whenever you want:

Digital payment allows you to pay money anywhere and anytime.

Many times you do not even have to be there to pay and you do not have the bother of payment in any office time.

3. New technology world:

It is like walking in step with the world in the present era because in many countries all over the world, now transactions are done only through electronic transactions and there is no need for cash transactions.

4. Black money busted:

The disbursement of black money through hawala channels by cashless transactions is prohibited.

This prevents the use of unaccounted money in promoting criminal and terrorist activities.

5. Helps in reducing interest rates:

The huge amount of cash deposited in the banks helps in reducing the interest rates and at the same time, the banks are able to use this cash for productive purposes.

6. Brings economic growth:

Tax collection becomes easier through cashless mode and it accelerates the pace of economic development as it becomes easier for the government to spend on education, health, employment generation, infrastructure development and overall welfare of the people.

7. Easy to calculate in digital payment:

The digital transaction allows you to calculate your expenses by looking at your expenses in one click so that you can control your budget easily.

Disadvantages of Cashless Economy:

Demerits of having a cashless economy are as follows:

1. Poverty:

In a large country like India, where a large population is forced to live below the poverty line.

In such a situation, if the cash transaction will be ended, then they will have to face a lot of difficulties.

2. Lack of other payment options:

Due to almost all financial transactions being digital, the importance of mobile will increase greatly and if mobile will be lost increases the risk.

With no other payment option and no cash, the problem may deepen.

3. Difficult to pay the senior citizens:

There are more problems for senior people.

If they do not have cash and are unable to download the app, they will feel helpless.

Also, it would be a challenge for them to understand this technique. We hope you like essay on Cashless economy.

Also, Read 1. Demonetisation Essay , 2. Globalization Essay 3. Make in India Essay

Conclusion:

Friends, the time has come to say goodbye to paper currency and cooperate in the development of the country by making maximum use of Cashless Online Payments.

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Essay on Cashless India
500 Words Essay on Cashless India The Concept of Cashless India. In a world where technology is rapidly advancing, the concept of a cashless society has become increasingly relevant. A cashless society is one where all financial transactions are conducted through digital means, eliminating the need for physical currency. India, being one of the ...
Cashless India Essay for Students in English
In this essay, you will know about everything that will help you to get better information about the concept of India going cashless. Essay on Cashless India. On the evening of November 8, 2016, at 8 P.M., Narendra Modi, the Prime Minister of India announced the demonetization of 500 and 1000 rupees notes in India.
Essay on Cashless India
Essay on Cashless India | 500 Words. India has been moving towards a cashless economy for some time now, and it's exciting to see all the changes that come with it. From digital payment apps to contactless payments, there are plenty of options available for those who want to embrace this new way of living.
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These essays written under various words limit will help you to know all aspects of the cashless India scheme. Essay 1 (250 Words) - What is the Concept of Cashless India ... This mission was enhanced by the announcement of the demonetization of 500 and 1000 currency notes on 8 November 2016, at sharp 8 pm. The blocking of the cash economy ...
Essay on Cashless India
Short Essay on Cashless India 200 Words in English. The brief essay on cashless India is helpful to students of classes 1,2,3,4,5 and 6. ... Prime Minister Narendra Modi had announced demonetisation of Rs. 500 and Rs. 1000 denomination notes from the country in the year 2016. This led to an increase in online cash transaction in the country by ...
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Short Essay On Cashless India. Cashless India is a term that refers to the Indian government's initiative to move the country towards a digital economy. The idea behind this initiative is to reduce the dependence on cash transactions and promote the use of digital payment methods, such as credit cards, debit cards, mobile wallets, and UPI.
Essay on Cashless India in English by The CHSE Student
10 Lines Essay on Cashless India (in 100 - 120 Words) 1) The government launched the "Cashless India" scheme to make India a cashless economy. 2) A cashless economy promotes online transactions instead of cash transactions. 3) As part of Digital India launched on 1 July 2015, a cashless India is envisioned.
Essay on Cashless India: Advancing Digital Economy
The essay "Cashless India" offers an insightful exploration into India's transition towards a cashless economy. Its Progress, Challenges, & Future. ... (2016): In November 2016, the Indian government announced the demonetization of INR 500 and INR 1,000 banknotes. This move aimed to curb black money, promote digital transactions, and encourage ...
Cashless India: Overview of the Mission: [Essay Example], 702 words
Published: Feb 12, 2019. Cashless India is a mission launched by the Government of India led by Prime Minister Narendra Modi to lower the dependency of Indian economy on cash and to bring hoards of stashed black money lying unused into the banking system. The country commence upon this transition to a cashless economy when the government took ...
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Cashless India - Essay 1. Introduction. The other name for Cashless India is the Digital India. It represents a program that was launched by the Government of India. As one of the well performing economies in the world, the country has resulted into adopting cashless transactions to help in easing business transactions.
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Cashless India Essay 4 (250 words) Cashless India is a term coined recently after the Union government went ahead with its plans to demonetize currency notes of Rs 500 and Rs 1000. Initially, it led to severe criticism as people faced great difficulties in exchanging the old currency notes or withdrawing cash from their accounts.
Write an Essay on Cashless Economy for upsc & All Competitive Exams
Essay on Cashless Economy. Introduction The transition to a cashless economy in India has been a topic of much discussion and debate. From the government's demonetization efforts to the rise of digital payment platforms, the country is gradually moving towards a cashless society.
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Cashless Economy can be defined as a situation in which the flow of cash within an economy is non-existent and all transactions must be through electronic channels such as direct debit, credit cards, debit cards, electronic clearing, and payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) in India.
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Cashless India means essay, speech, article. Introduction. ... The first step towards digital India was the abolition of the 500 and 1000 rupee notes in India. I understand that it will be very difficult to adapt to such changes immediately, but unless immediate action is taken, the economic situation in India will only worsen. ...
Essay on Cashless India in English for Children and Students
Cashless India Essay 1 (100 words) It was on 8 November 2016 that the Government of India took the whole country by storm by announcing that the currency notes of Rs 500 and Rs 1,000 were no longer legal tender. The government move aimed at curtailing the menace of black or counterfeit money which is largely used to fund criminals and ...
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An economy that is majorly cash-based gives advantages to criminal activities like terrorism, human trafficking, drug trafficking, etc. In a Cashless Economy, the circulation of fake currency notes can be reduced. It would lead to an increase in the tax base, as it is difficult to avoid proper payment in a cashless society.
Cashless India Essay
10 Lines Essay on Cashless India (100 - 120 Words) 1) The government launched the "Cashless India" scheme to make India a cashless economy. 2) A cashless economy promotes online transactions instead of cash transactions. 3) As part of Digital India launched on 1 July 2015, a cashless India is envisioned.
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Essay on Cashless Economy - In India (Essay 2 - 250 Words) "Cashless Economy" is the system where all the monetary payments are done by using digital means like internet banking, debit, credit cards, e-wallets instead of hard cash. India was introduced to "cashless economy" in a pronounced way in 2016 when the Union Government led ...
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Cashless India Essay 4 (250 words) Cashless India is a term coined recently after the Union government went ahead with its plans to demonetize currency notes of Rs 500 and Rs 1000. Initially, it led to severe criticism as people faced great difficulties in exchanging the old currency notes or withdrawing cash from their accounts.
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Advantages of cashless transaction:

No theft risks

Environment-friendly

Exciting discounts

Reduce corruption

Disadvantages of cashless transaction:

Poverty and illiteracy

Meaning of Cashless India and Digital Payment Methods (in 500 words) - Essay 2

Meaning of Cashless India

Digital Payment Methods

1. Banking Cards

2. Unstructured Supplementary Service Data (USSD)

3. Unified Payment Interface (UPI)

4. Mobile Wallet

5. Point of Sale (POS) Device

6. Micro ATMs

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