Cashless payment was not a big issue in India before demonetisation. It was neither prevalent among the common people nor curiosity and enthusiasm towards it. Yes, some employed people, big company executives and some business class were definitely using credit cards or debit cards for cashless transactions. 




But since demonetisation has been implemented in the country and the problem of cash has increased, since then the scope of cashless transactions has increased. The government is also running a big campaign to make the country cashless. As an incentive, the government has announced various discounts and rewards for those doing cashless transactions. Banks and many companies are bringing new software and mobile apps to promote and facilitate cashless transactions.

Cashless Payments Meaning:


However, the biggest obstacle in cashless payment in India is the lack of information about it among the common people. The trend of people towards cashless payment and transactions is increasing in the cities and in the educated sections, but in the towns and rural areas people are facing problems due to lack of knowledge of its methods and means. In fact, if cashless transactions are to be promoted in the country, then whether they are farmers, teachers, soldiers, professionals, employed people, businessmen, then students, everyone should be aware about the available methods. Is necessary.

People used to use the available cashless payment methods like debit or credit card or net banking only for large payments or at select places. But now with all the means available, from big transactions to small i.e. payment of one rupee is also possible through digital payment. Daily expenses like filling the fuel in the car, buying ration items, payment of milk and even payment of street food and purchase of vegetables are also being done through digital payment.

Essay on Cashless Economy:

You can also know the cashless economy in detail in the following way –

Preface:

The introduction of cashless economy is a step taken by the Prime Minister of the country, Narendra Modi. By giving a shape to the idea of ​​cashless economy, Narendra Modi ji is making an effort to strengthen the economy of our country. According to him, cashless or simply understand that cashless economy can only prove to be a prison in making India's economy strong.

Why Cashless? And how will India become:

Creating a cashless or cashless economy is a new mission of Narendra Modi ji. His only intention behind this step was that the corruption and black money prevailing in India should be reduced by any means. To keep the background of cashless economy, Narendra Modi ji had done demonetisation earlier. Cashless India Mission was launched on 8 November 2016. Starting this mission, the government took a revolutionary step and suddenly banned the use of 500 and 1000 notes in the country.

The purpose of Modi ji behind the sudden demonetisation was that he wanted to see how much money is available in the country. And due to the sudden closure of notes, people will have to come to the bank to exchange their notes, so that the government will have a clear idea about the money. Behind this thing Narendra Modi ji wanted to compensate the black money prevailing in the country. And due to the steps taken by him, his wish was fulfilled to a great extent.

After demonetisation, the central government emphasized on cashless transactions and also encouraged the citizens of the country to do cashless transactions. By doing cashless transactions, the entire account of the transaction is kept in the bank, due to which the government is clearly aware of how much money is available with a person. Due to this transparency, the government can clearly maintain its control over the tax.

By doing cashless transactions, the cost of printing currency and notes for the government has also come down. With the people's focus on the cashless economy, the government has curbed the flow of black money to some extent. Due to the closure of 500 and 1000 notes, there has been a decrease in cash with the people, due to which people have to do cashless transactions even if they do not want to. Earlier, people used to find this thing as a compulsion, but now people have also become accustomed to this thing and now people are finding cashless transaction very easy.

But building a cashless economy is not that easy either! This is because our country is a developing country and there are more villages than cities in this country. The online facilities which are required for doing cashless transactions are not yet available in every village. Due to which people are facing difficulty in doing cashless transactions. Critics also say that the idea of ​​​​creating a cashless economy has been conceived by the government. That's good enough! But he did not implement this idea properly, due to which the cashless economy has not been able to come in the form that the government had envisioned.

Epilogue:

This idea of ​​cashless economy raised by Narendra Modi ji in the central government has started a wave of revolution in the Indian economy. And many people today are doing cashless transactions. Cashless transactions are common in the 21st century and are now happening in our India as well. All this has been possible only with the efforts of the government.

Benefits of cashless payment:

By making cashless payments, people are getting not one but many benefits. And there are some benefits which the government itself did not even think about. Following are the main advantages of cashless payment.

With the advent of cashless transactions, now people do not need to roam around with money in their pockets, due to which people are completely sure about their money.
By doing cashless transactions taken by the government, our country is also moving step by step with other countries of the world, because nowadays money is being paid through online in all countries.
Digital transactions make people aware of their expenses, due to which people are now able to keep an accurate account of their expenses and income. Budget creation is also easy through cashless transactions.

Cashless transactions have also made things like ticket payment or hotel booking a lot easier. Because due to this people are now able to do everything sitting at home.
Through cashless transactions, people are able to pay tax easily, as well as the government is now fully capable of taking the correct tax based on the records of the income of the people.
Black money flow has also come down due to cashless transactions. At the same time, now the government's full attention is on the money of the people, or rather, the eyes.

Pay through debit card and ATM:

Along with opening an account in the bank, the bank gives you this card which is linked to your bank account. It is also commonly known as ATM card. When you make a purchase or make a payment, it is swiped in the swipe card machine installed there and the payment is completed by entering the prescribed amount. The amount you pay through this card, it is important that you have that much balance in your bank account. Keep in mind that there is a limit on payment through this and within that limit you can spend. Even if you have a lot of money in your account. This method of cashless payment is considered to be the easiest.

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