Cashless Economy Article | English | Class 10 | Class 11 | Class 12 |

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Cashless Economy : A Purified Economy

(By: Ompal Yadav)

Indian economy is considered to be one of the most growing economies of this world. Whichever country we go to or wherever we talk, it is all about Indian economy and how it is emerging. But the major problem is, Indian economy has been running on cash majorly and the factors responsible for this are illiteracy of the most of the people, lack of financial infrastructure in remote areas, consumption of black money and many more.

To reduce the dependency of cash in economy, Indian Government has taken many steps like ‘Financial inclusion’, ‘Jan Dhan Yojna’ and ‘Digital India’ to connect the unbanked people with formal banking system so that they can depend more on their e-wallets rather than being dependent on their physical cash.

In addition to this, Demonetization of higher value denominations was also a stepping stone towards the cashless economy as well as clean economy. There has been substantial rise of e-Transactions and Electronic payments for last two years and Government has a target of executing 25 Billion payments/transactions at the end of this fiscal year.

Nowadays, due to smart mobile phone revolutions, 3G-4G network connectivity, cheap data packs also help people even in remote areas to move towards cash less payment. For the time being, People are more comfortable to make the electricity payment or other transaction through BHIM, PAYTM or any other payment mode instead of travelling 20 Kms for the same.

There are many issues like Cyber fraud, low network connectivity in rural area, low penetration of Point of Sale (POS), swipe machine facility and financial literacy which still need to be tackled to move further towards cashless economy which is the need of the hour.

People of our country should prefer cashless economy to cash economy for the curbing of black money and rising of nation in all the terms. It can help in monitoring the transaction being done to utilise black money & literate all the generations and help them moving towards advancement.

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