write a essay on the topic future of cashless Society in India in more than 250 words
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The dream of digital India’s first step is a cashless India. With this dream, on the evening of 8th November 2016 at sharp 8 pm, the Prime Minister of India, Narendra Damodardas Modi announced the demonetisation of Rs. 500 and Rs. 1000 notes in the country. This historic decision was based on various reasons, one of which was a dream of cashless India.
In this essay on cashless India, we will be talking about what it means to be cashless, the various alternatives for our monetary system and what are the advantages and disadvantage for a country which has fully gone digital or cashless in its economy.
Cashless economy means redundancy of physical paper cash Paytm, Phonepe and go0gle pay are some of the fintech platforms for digital transactions. Cashless India will help reduce corruption and black money in the country as well as conducting educational and awareness campaigns for people across the country, especially in rural and economically backward areas.
While there are plenty of benefits for a cashless economy like the ease of transaction, curbing corruption and black money, there are many down comings as well. Some of which is lack of trust in digital transactions, hacking and theft frauds. The government needs to build proper digital infrastructure to make a completely cashless economy in a country.