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Cashless Indian Economy (Merits and Demerits) : Presentation On

The document presents information on a presentation about the cashless Indian economy, including its merits and demerits. It defines a cashless economy as one where small amounts of cash are used for transactions, which are instead done through digital means like credit/debit cards, wallets, and apps. It lists some requirements for a cashless economy like network connectivity, smartphones, and bank accounts. It also outlines various cashless transaction methods and the government's steps toward a cashless economy in India through initiatives like Direct Benefit Transfer and the Unified Payments Interface.

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Vaibhav Gupta
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103 views10 pages

Cashless Indian Economy (Merits and Demerits) : Presentation On

The document presents information on a presentation about the cashless Indian economy, including its merits and demerits. It defines a cashless economy as one where small amounts of cash are used for transactions, which are instead done through digital means like credit/debit cards, wallets, and apps. It lists some requirements for a cashless economy like network connectivity, smartphones, and bank accounts. It also outlines various cashless transaction methods and the government's steps toward a cashless economy in India through initiatives like Direct Benefit Transfer and the Unified Payments Interface.

Uploaded by

Vaibhav Gupta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Birla Institute Of Technology,

Mesra

Presentation on :
Cashless Indian Economy (Merits and Demerits)

Presented by : Submitted to:


Vaibhav Gupta
BE/25036/17
ECE - VI
Cashless Economy :
● Cashless economy is an economic system where small amount of
cash is used in transactions. Cashless economy is based on
transactions made by credit cards, debit cards, wallets or digital
modes.
● Cashless economy is cost effective, growth friendly, business friendly,
pro-financial inclusion, etc.
● India uses too much cash for transactions. The no. of currency notes
in circulation is also far higher than in other countries.
Requirement of Cashless Economy :
● Network Connectivity
● Electricity
● Smartphones
● Enough bank accounts
● Debit & Credit cards
● Third party applications (paytm,freecharge,etc.)
Methods of cashless transactions :
● Cheque
● Demand draft
● Online Transfer (NEFT or RTGS)
● Credit or Debit Card
● E-Wallets
● UPI Apps
● Gift Card
● Aadhar Enabled Payment System (AEPS)
Steps towards cashless economy :
● Incentives for encouraging electronic payments.
● Direct benefit transfer of subsidies through aadhar card
integration.
● Mandatory use of PAN card in sale transactions of more than 1
lakh.
● Opening up of various payment banks across the country.
Credit / Debit card :
● The most popular payment
method.
● Cards are issued by a bank.
● Unique 16-digit number
(including check
digits) & an expiration date.
● Third party authorization
companies verify purchases.
E-Wallets :
● E-wallet is a type of pre-paid
account in which a user can store
his/her money for any future online
transaction.
● E-wallet has mainly two
components, software and
information. The software
component stores personal
information and provides security
and encryption of the data
●
UPI (Unified Payment Interface)
Unified Payments Interface (UPI) is a
system that powers multiple bank
accounts into a single mobile
application (of any participating bank),
merging several banking features,
seamless fund routing & merchant
payments into one hood. It also caters
to the “Peer to Peer” collect request
which can be scheduled and paid as
per requirement and convenience.
Digital India (An initiative by Govt. Of India)
Digital India - is a campaign launched by the
Government of India in order to ensure the
Government's services are made available to
citizens electronically by improved online
infrastructure and by increasing Internet
connectivity or making the country digitally
empowered in the field of technology. The
initiative includes plans to connect rural areas
with high-speed internet networks. Digital India
consists of three core components: the
development of secure and stable digital
infrastructure, delivering government services
digitally, and universal digital literacy.
Merits of Cashless economy :

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