Cash less society “Payment without cash”
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| pics credit:google |
A cash less society is termed as a society where all the financial transaction are done through digital modes instead of physical notes or coins.
“My mobile my bank my wallet transaction without cash is possible”
Cashless India - Digital India
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| pics credit:google |
This programme is of government of india to make india a cashless society to transformed india into a digital empowered economy.
Different modes of Digital payment
• Banking cards (debit/credit/cash/travel/others)• Unstructured supplementary services data(ussd)
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| pics credit:google |
• AADHARENABLED payment system
• Mobile wallets
• Bank pre-paid cards
• Internet banking
• Mobile banking
Cash less economy “ your bank will be your wallet”
Economy where people can do monetary transaction without using currency notes or coins. Now no need to carry cash all required is a debit or credit cards or a mobile with ewallet {paytm,mobiqik etc.}
Let us know how it will be beneficial through this video
TOP 5 countries have gone almost “cashless”
There are also few countries which have adopted being cash less way living in there day to day life.
1 SWEDEN
Sweden is one country where cash transaction is just 3% in national economy and it is leading in race of cash less society.
2 NORWAY
Norway is also leading in becoming a cash less country, here you can even buy street food through mobile banking. Also in Norway there are several bank which do not give cash to customers.
3 DENMARK
In Denmark businesses such as clothes retailers, restaurants and petrol pumps are allowed legally to refuse cash payments from customer. Also 1/3rd of population use mobile app or e wallets for monetary transactions.
Denmark has set “2030 deadline to completely do away with paper money.”
4 BELGIUM
For reducing cash transaction govt of Belgium has imposed a limit of 3000 euros on cash payment, so that people opt for digital payment method for any transaction. Almost 93% of population of Belgium use cashless mode of payment.
5 FRANCE
In an average 92% population are going with cashless transactions. They also use CONTACT LENS CARDS and POS for daily transactions.
Cashless india “is it possible”!
The effect of demonetization was that a large number of Indians, were compelled to go cashless, they suddenly found themselves warming up to the idea of doing digital transactions, whether by debit card or via e-wallet, incrementally trusting the brands of the major players like PayTM or Mobikwik. Secondly, the convenience of e-wallet transactions via mobile phones made the customers and merchants educate themselves, out of necessity, on how the systeworked. Today, this has gotten gotten both customers and merchants a lot closer to now trusting a payment bank with a mobile interface, which is right in the wheelhouse for both Airtel and PayTM.
INDIA has also started to be among a league of being a cashless society, we have started using online mode of payments but still there is a long way to go as cash is used in India for major transactions.
But "something is better than nothing" at least with the help of e-wallets and mobile banking for Eg. Paying rent through internet banking as well as filling forms in ola money and paytm which help us to use less cash and to do more cashless transaction.
“Less cash in pockets means less tension ”
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