Question

asl speech on cashless india​

Answer 1

Answer:

The traditional form of monetary transactions with hard physical cash exchanged between people will almost become almost redundant. And this theory has been given an enormous amount of push by the Covid-19 pandemic, given the health concerns in exchanging physical cash. There are plenty of benefits to going cashless. In this essay on cashless India, we shall be talking about both the advantages as well as disadvantages of a cashless India.

First of all, what does a cashless economy mean?

What is the meaning of a Cashless Economy?

A cashless economy means the liquidity in the system is exchanged between two parties through either plastic currency (ATM debit and credit cards) or through digital currency (online payments). With the advent of blockchain technology, bitcoins have given a whole new meaning for a cashless economy. The concept of bitcoin talks about a decentralized system of finance, but that is not the point of discussing in this particular essay on cashless India. Hence, let us come back to the crux of this essay on cashless India, which are the pros and cons of the digital payment system.

Advantages of Cashless India

1. Black money will be reduced: Black money is that money that you have earned but not accounted for which means this is that money which is hidden from paying taxes. And this black money is illegal and has the potential of reducing a government to bankruptcy. But the cashless economy will keep a check on black money because, unlike hiding physical cash, you can’t hide digital money, at least not yet. If the technology behind the digital economy is robust and well updated, then governments can track all transactions in the economy which helps in maintaining transparency biggest advantage of a cashless economy is that the authorities can track and the origin and the endpoint of a transaction easily.
2. Easy and simple: With so much technological revolutions happening around, it will be impossible to find someone without a smartphone in this 21st century. Almost every Indian has a smartphone. Hence the ease of transaction through fintech platforms such as Paytm, google pay or phonepe are easier than ever before. The hassles of carrying hard cash( with possible viruses on it) is eliminated. The government of India has produced platforms such as UPI (Unified Payments Interface) for hassle-free cashless transactions.

Answer 2

Answer:

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