Question

Cashless economy: is society ready for transformation? ​

Answer 1

Explanation:

Long before demonetizing 500 & 1000 rupee notes, Indian government is trying to increase cashless transactions through Direct Benefit Transfer Scheme, Jan Dhan accounts etc.

From the moment higher denomination notes are demonetized, cashless transactions have increased at a rapid rate.

Though India has a huge proportion of digital illiteracy, using debit card does not require much digital literacy.

Many state governments are working hard to spread the awareness of digital transactions.

Indian Government rolled out incentives for going digital in financial transactions. It introduced daily and weekly lucky draws to encourage digital transactions.