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Carrying cash in larger amounts is difficult for most people. Recently, there have been many cases of robbery or theft reported in the newspapers. People have found transactions easier thanks to the newly emerging technology of cashless India. In lieu of carrying cash, we can use a credit card or an online application to help us pay.
This technology can be used every time we pay bills, send or receive money, or make purchases in the shop. Using this method, people in India can save both time and effort. There are a number of other things you should understand about the topic. The essay has been written in the form of a long essay, which may be helpful to school, college, and university students.
The first step to creating a cashless India is to embrace digital technology. As a continuation of this dream, the Prime Minister of India, Narendra Damodardas Modi, announced the demonetization of Rs. 500 and Rs. 1000 notes on 8th November 2016 at 8 pm sharp. It was deemed necessary for India to go cashless for several reasons, one of which was the dream of going cashless.
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Cashless Transactions as Boon during COVID-19 Pandemic
We will become cashless in India when no cash transactions take place. Digitalization of India is the objective of the initiative. Going cashless involves eliminating the exchange of cash physically and making payments and transactions online.
Scenario Before and After Digitalization
Paying bills previously involved visiting various stores and the lack of service hampered the process. There have also been times when people have had to stand in queues for hours due to deadlines for several bills, such as electricity and water bills. Time and energy were wasted in this way. All of the working days, banks were nearly crowded with people for various reasons. To resolve our problems, we frequently visit the bank due to the excessive workload.
Our ability to pay bills and complete transactions online has been made possible by the concept of digitalization. It is possible to complete the payments from home or from the offices themselves. Time and energy are not wasted. An internet-connected Smartphone and some knowledge are all that are required to complete the process. These are some of the online payment services offered by companies such as BHIM, Amazon Pay, PhonePe, Google Pay, and Paytm. Additionally, credit cards and debit cards can be used to complete the transaction.
Cashless Transactions as Boon during COVID-19 Pandemic
A lot of people during the pandemic preferred making online transactions. Sadly, the scourge of pandemic Covid-19 still afflicts the world. A person can easily transfer the disease by touching them or coming into close contact with them. Maintaining a distance and avoiding contact is therefore necessary. In addition to the exchange of notes and coins, it is also possible for it to be transmitted through the touch of several people.
In this critical situation, online transaction methods are the most efficient and effective way to avoid contact and transmission. In addition to being safe, it will save you time. Only at home can the transaction be completed. Neither leaving the house nor stepping out is necessary. By providing those facilities, we protect ourselves from infection and follow guidelines to ensure our safety.
Challenges in Transforming India into Cashless Economy
In making our nation cashless, there are a lot of issues that prevent this. The implementation of this initiative must be properly arranged. There is a lack of proper connectivity in the rural areas. Proper infrastructure and facilities must be constructed.
A second problem is that illiterate people cannot understand the concept and procedures of online transactions. There must be a plan in place for educating and training people on this subject. A large component of our country’s population still lives in poverty and is illiterate. In order for India to become a cashless nation, these are the major challenges.
Technological Advancements Leading Towards Digitalization
As part of the Digitalization of India, the capability of making cashless transactions is available. Introducing newer technologies and devices is necessary for digitalization to occur. The whole world is moving towards cashless transactions. The reason for this is the technological advancements that are occurring everywhere. To make online transactions simple and easy, there have been many ideas and innovations incorporated. Our work is easier when we use smartphones. Almost every transaction takes less than a second. Our nation is moving toward digitalization thanks to the advancement in technology that makes cashless options more reliable for consumers.
Initiative taken by our Prime Minister
Prime Minister Narendra Modi launched Indradhanush’s cashless India initiative on 1st July 2015, aiming to make India a digital nation. A major objective of this plan was to make sure that the different government services could be accessed by the public online. By improving online infrastructure, establishing Internet connectivity, and linking all areas in particular the rural ones, it could be made possible to achieve.
In order to enable Digitalization, India must become a cashless society. Earlier this year, our Prime Minister announced his plans to make India a cashless nation. It was a good idea by Prime Minister Narendra Modi to demonetize 500 and 1000 notes on 8 November 2016 by bringing our country closer to cashless transactions. People were forced to stand for hours in line for exchanging money because the banks and ATMs were out of money. Choosing online transaction methods was the best option.
Making online transactions has proven to be of interest to many people. On purchases made via online applications, you can receive several rewards and cashback. The convenience and transparency of online transactions make them attractive. Changes require a start-up as well, and this is the case for any change.
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Long Essay on Cashless India 1000 Words in English
Hard physical cash will almost become redundant as the traditional form of monetary transactions. Given the health concerns in exchanging physical cash, the Covid-19 pandemic has given a huge push to this theory. Cashless transactions have a lot of advantages. The essay below will discuss the advantages as well as the disadvantages to a cashless society.
What is the meaning of a Cashless Economy?
An economy without cash involves the exchange of liquidity between two parties using plastic dollars (ATM debit cards and credit cards) or digital dollars (online payments). Bitcoins gave a whole new meaning to the concept of a cashless economy with the advent of blockchain technology. This essay on cashless India deals with cashless transactions, not the concept of bitcoin, which is a decentralized system of finance. Here are the pros and cons of digital payment systems, which is the crux of the essay on cashless India.
Advantages of Cashless India
Reduction of Black Money
The black market refers to cash earned without being taxed. Tax evaders hide the money that they owe. An economy that uses black money can require a government to go bankrupt due to the damaging effects it can have on its economy. Because digital currency cannot be hidden, there will be no black money in the cashless economy.
The hiding isn’t possible yet, at least not in the way currently in use. Governments can keep track of all exchanges with digital money, which helps keep incomes legitimate and transparent. It is nonetheless imperative that the technology used for digital economies is well maintained and durable.
From the level of the minister down to the watchman, corruption is ingrained in India’s system. We have a monetary system that lacks transparency, and this causes it. The issue of transparency is extremely important in an economy as big as India. In recent years, we have known of scandals such as the CWG scam and the 2g scandal or the Rafale Jet scandal, and these scandals are a consequence of the lack of transparency of transactions.
The small amount of space provided by such an essay would never suffice to tell the story of all of the corruption scandals India has encountered since independence. A cashless economy throughout the entire country would help to reduce corruption of this scale. It is possible because, in a cashless economy, the origin and endpoint of transactions can be tracked easily.
The Ease of Transaction
It is nearly impossible for anyone to find a person without a Smartphone nowadays with the enormous amount of technological revolutions happening. Smartphones are almost universally available. With the advent of services such as Google Pay, PhonePe, and Paytm, the ease of transactions has never been greater. In India, there are also interfaces like UPI or Unified Payments Interface that facilitate seamless, cashless transactions. In this case, there is no possibility of transmitting viruses to hard cash.
Currency notes and coins can be printed at a lower cost through cashless transactions. It promotes the efficient use of paper and thus an environmentally friendly practice.
Anytime we use our debit/credit cards or make an online purchase, we get good cashback.
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Disadvantages of Cashless India
As technology improves every day, online cheating and fraud incidents are rampantly increasing. When the government cannot achieve robust and impossible-to-hack digital systems, it is not possible to make India cashless, since there are over 135 crore people in that country. Despite the national news channels reporting on online thefts, people remain wary about making large purchases online.
Infrastructure or the Lack of it
Infrastructure is required on an individual level as well as on the level of the government. Whether your online transaction involves a smartphone or a gadget, you will need data connectivity as well as electricity to keep the devices charged. The majority of rural India is still deprived of these privileges, and most of them only exist in urban India. Before the government can even dream of making India cashless, it must first solve this problem.
Some Lines on Essay on Cashless India
- As part of the demonetization process in 2016, India transitioned to a cashless economy
- Physical paper money is redundant in a cashless economy
- There are several fintech platforms available for digital transactions, including Paytm, Phonepe, and Google Pay
- This new digital currency is called Bitcoin
- Cashless India is dependent on several methods of payment such as credit cards, debit cards, and digital wallets
- By going cashless in India, black money and corruption will be reduced
- A big disadvantage of digital money is that fraudulent transactions can happen
- Printing notes and coins cost the government money, and a cashless economy requires none
- In the near future, we will never achieve a cashless economy with 100% accuracy
- In order to make a country’s economy totally cashless, the government must build the necessary digital infrastructure.
Importance of cashless India
- All problems associated with exchanging cash can be eliminated with cashless transactions.
- It’s like walking with the world during our present era since most of the world’s transactions occur electronically and cash is rarely needed.
- Through digital transactions, you can calculate your expenses by looking at them immediately so that you can control and keep track of your budget easily and quickly.
- By enforcing the requirement to pay necessary taxes on non-cash transactions, the black money problem can be reduced.
- The cashless mode makes it easy to collect taxes as it accelerates the pace of economic development, which helps to develop infrastructure, create jobs, and fund health, education, and the general welfare of the people.
- Since taxes are being collected more effectively, the tax collection system’s tax rates are being reduced.
- Poor people can transfer monetary benefits through their bank accounts directly, which prevents unethical brokers from exploiting them.
- Hawala channels are prohibited from distributing black money if there are no cash transactions. Unaccounted money cannot be used for terrorist or criminal activities.
- Due to this facility, we save a considerable amount when it comes to printing and circulating currency notes.
- In this way, banks are able to reduce interest rates by having high cash deposits and banks may also use these deposits for productive purposes.
Meaning of Cashless India and Digital Payment Methods 600 Words
The Government of India envisions a world in which there are no cash transactions. In 2010, Digital India was launched with the goal of making India cashless.
Meaning of Cashless India
An India with cashless transactions would be one where there are no banknotes or coins involved in the transactions. In other words, online transactions such as – transferring money, buying, and selling, etc are to be conducted instead of physically.
Let’s say you don’t want to spend any money buying groceries for a home. In order for this to work, there are two essential requirements – first, a form of identification that verifies your bank account and authorizes transactions on your behalfs, such as a debit card, credit card, or online service that verifies your bank account. A Point of Sale (POS) device must also be in the possession of the seller, in this case, the grocery shop owner, to facilitate the transaction. The transaction is finished by debiting your bank account and crediting the shopkeeper’s account without exchanging any physical currency.
It could also be possible to transfer money to family members, friends, or business partners without even physically transferring the money over to them.
Digital Payment Methods
As part of the Cashless India campaign, the following types of digital payment are accepted:
- Cards for banking: There are many different types of cards for banking, including debit cards, credit cards, travel cards, cash cards, etc. With the cards, digital transactions are discounted, and additional facilities are offered. As part of the transaction security, security PINs and OTPs (One Time Passwords) are used in a two-way authentication.
- Through the Unstructured Supplementary Service Data (USSD), financial transactions can be carried out without the use of an Internet connection or a traditional telephone. You can dial ‘*99#’ to access services like interbank fund transfers, mini statements, and balance inquiries from your phone. Rural populations, primarily the elderly, who struggle to use smartphones, can utilize this service.
- Using United Payment Interfaces (UPIs), users can manage their bank accounts securely from one platform. It is as simple as downloading the UPI App on your smartphone and providing your bank account and routing number. The company offers a variety of services, such as balance inquiries, money transfers, and transaction histories.
- Your mobile phone can become a digital wallet where you can save money. Apps for mobile wallets can connect to credit cards and debit cards and allow online money transfers. Financial transactions can be conducted via mobile wallets without the need for physical debit or credit cards.
- An electronic device available at merchant establishments for completing transactions is called a point of sale device (POS). Swipe the customers’ credit/debit cards and enter their PIN to authenticate the transaction, and the device prints out a receipt after the transaction is complete.
- In a micro ATM, a small unit is used to perform instant transactions on behalf of a client by a business correspondent or a small shop owner. There are several banks in the country that allow instant depositing and withdrawing of money through the device. In this case, business correspondents act as banks.
The government’s Cashless India initiative is a move towards making India a cashless society, where all financial transactions, no matter how big or small, will be carried out electronically. Having the government ensure that such transactions are secure is an important aspect of this initiative, which makes transacting easier and more convenient.
Short Essay on Cashless India in 100 Words
Announcing demonetization on the 8th of November, the Government of India shocked the entire country. Legal tender for 500- and 1,000-rupee notes had ceased. As a result of the move, the economy will be freed from black money, which was a major source of funding for criminals and terrorists. There were long waiting lines outside ATMs and banks to withdraw cash and exchange notes due to the acute shortage of cash. We hope that the cashless India dream will come true with this. It eventually became crucial to start a cashless economy in the country that demonetization took place. The industry has helped to bring about a more transparent and convenient monetary system in India.
Cashless India Quotes
- No Money No Stress, Pay on the Web.
- Go Cashless and Support Advanced India.
- Cashless India is the Future India.
- Don’t Waste paper. Go Paperless. Go Cashless.
- Cashless Transactions make a Bright India.
FAQ on Cashless India Essay
Which Country is fully cashless?
There is a possibility that Sweden will become the first cashless country in the world.
Name the different Digital Currencies in the world?
In 2021, there will be three cryptocurrency options: Litecoin, Bitcoin, and Ethereum.
How much of GDP is invested by India in printing cash?
In India, one-seventh of the GDP is invested in printing money.
How is going cashless helpful?
The government can use the technology to reduce crime and fraud as well as save money spent on printing and disbursing cash.
Did Demonetization give a pace to Cashless India?
There is no doubt that demonetization led to the trend of cashless transactions since cash was scarce at the time.
Which is the first cashless village of India?
Maharashtra’s first cashless village is Dhasai, in the district of Thane, in the taluka of Murbad.
What are the types of cashless transactions in India?
The Indian economy uses several cashless transactions, including checks, demand drafts, UPI, credit and debit cards, NEFT, RTGS, and IMPS.
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