Speech on challenges of moving towards cashless economy
Answers
Traditionally India has been a cash based economy. It will take time to transform the economy structure. Lower class people are uneducated and they do not want to use the alternatives such as ATM, credit card, UPI, net banking etc. Failure of POS system in India which needs to be improved. Lack of internet facilities in rural areas is stopping India from becoming a cashless economy.
Answer:
Cash less economy refers to increased usage of plastic money like credit cards, debit cards etc and online banking or shopping. Challenges of moving towards cashless economy are that firstly it makes people spendthrift as they do not seem to realise how much they are spending. Moreover the option of paying later poses as a threat since people get caught in debts. Secondly, increased reliability on gadgets, electronic banking makes people vulnerable to attacks on accounts by frauds who pose as bank officials to extract money from people .