I have to write an essay on" Growth of digital economy a challange for competition regulators "..plzzz guide me...
Answers
Answered by
2
Hey friend
______
I hope this answer helps you
______
______
..a digital economy is one where purchases and transections are done mainly by electronic means and cash( cash is seldom used).
.. as cash is seldom used, it can also be called as a "cashless economy"...
..this idea is new coming and only exist in few countries..
**MODE OF DEPOSITING..
users are issued with a card called electronic purse .. the electronic purse is topped up using revaluation terminals. a range of terminals are now available including coin and note, credit card or payroll deduction terminal..
simply, by inserting the card into the revaluation terminals and following the instruction given, money is added onto the electronic purse on the card.
** WAY OF PAYING MONEY.
the card then replaces your wallet or purse when paying for goods at both vending and catering facilities.
card reader is installed at all points of sale (e.g.- vending machines, restaurant tills, coffee bar till etc.) instead of juggling with cash at the point of sale., the card is inserted into the reader and the total sum of purchase is quickly and accurately deducted from the card.
** WORKING OF NEW SYSTEM
every individual is required to have bank account. these accounts would operate on internet banking and other digital forms. since almost no cash would exist, people will use digital cash for their everyday transaction. once a transaction is made, govt can charge tax on transaction and a successful transaction would be made.
ADVANTAGES
** as the economy is cashless, a lot of paper will be saved that would have been used for making currency..this would be a great step to sustainable development..
** many crimes like curroption, kidnapping and extortion requires cash.. in a cashless economy, there would be no such existence of such crimes...
**just by charging a small percent of transaction as tax, govt would be earning a lot of revenue.....
_______
thnqq
_______
if it helped then plz mark as brainliest....
______
I hope this answer helps you
______
______
..a digital economy is one where purchases and transections are done mainly by electronic means and cash( cash is seldom used).
.. as cash is seldom used, it can also be called as a "cashless economy"...
..this idea is new coming and only exist in few countries..
**MODE OF DEPOSITING..
users are issued with a card called electronic purse .. the electronic purse is topped up using revaluation terminals. a range of terminals are now available including coin and note, credit card or payroll deduction terminal..
simply, by inserting the card into the revaluation terminals and following the instruction given, money is added onto the electronic purse on the card.
** WAY OF PAYING MONEY.
the card then replaces your wallet or purse when paying for goods at both vending and catering facilities.
card reader is installed at all points of sale (e.g.- vending machines, restaurant tills, coffee bar till etc.) instead of juggling with cash at the point of sale., the card is inserted into the reader and the total sum of purchase is quickly and accurately deducted from the card.
** WORKING OF NEW SYSTEM
every individual is required to have bank account. these accounts would operate on internet banking and other digital forms. since almost no cash would exist, people will use digital cash for their everyday transaction. once a transaction is made, govt can charge tax on transaction and a successful transaction would be made.
ADVANTAGES
** as the economy is cashless, a lot of paper will be saved that would have been used for making currency..this would be a great step to sustainable development..
** many crimes like curroption, kidnapping and extortion requires cash.. in a cashless economy, there would be no such existence of such crimes...
**just by charging a small percent of transaction as tax, govt would be earning a lot of revenue.....
_______
thnqq
_______
if it helped then plz mark as brainliest....
Similar questions