Is India ready for cashless economy ?
Answers
Answer:
1. Security Problems: Even use of digital payments lead to the convenience but they are more prone to the risk of threats and hacking. Peoples are hesitated to use digital payments mode as there will be a risk of revealing of our identity and personal details.
2. Network connectivity: Several people have faced trouble while standing in line to pay for a transaction at a shop when the card machines have stopped working due to an overload on the network. These problems will discourage people to use cards. Connectivity problems need to be resolved before laying the idea of cashless society.
3. Internet cost: The internet cost in India is still substantially high. There is no Wi-Fi at public places and if people do not get their monthly data packs recharged, there is no way they can be connected to make online payments. Internet connectivity is needed even for the e-wallets. In order to convince people to do cashless transactions, the cost of the internet should be lowered and free Wi-Fi should also be provided at public places.
4. Charges on use cards for online transactions: Bank and merchants charges 1%-2% on the total amount of transactions when they offer the online payment facility. Cost of making these transactions increased the burden on the people
➠ αɳรωεɾ :-
⟹ Yes, India is ready for a cashless economy.
- With major initiatives such as demonetization, Direct Benefit Transfers, BHIM and many more. The government approved for a proposal, under which there would be no charge for BHIM, UPI, and debit card transactions up to ₹2000.