CASHLESS ECONOMY

Presented by, Mentor

NIKHIL TN JESWINI VIVIAN
Meaning of cashless economy
cashless economy is a system where any type of money
transactions are done through digital like electronic fund
transfer, mobile payment, debit cards, internet banking,
mobile wallets, and other newly evolved payment
channels this will leave very little scope for flow of hard
cash in economy.
Advantage
 To avoid black money transactions
 To avoid time consuming
 To avoid risk
 It helps to economic growth
 It helps to increase security
 It helps to reduce illegal business
 It helps to effective utilization of resources
 It reduces the circulation of liquid money
 Environmental friendly
 Government can control fincial transactions in the
society
 Easy to handle.
What else need to be done?
 Need for Mass awareness programme for
Technological awareness, Financial literacy,
and making people familiar with the
cashless transactions.
 Building a secure, seamless payment
infrastructure.
 Developing sound Telecom network.
 Taking steps for universal financial inclusion.
 Creating significant conditions or favorable
environment for making changes in behavior
and attitude of the people.
Benifits of long term and short term
 Convenience and ease of transportation and more
secure compared to making transactions involved
cash withdrawal.
 Drive the development and modernisation of
payment system, promote transperancy and
accountability, decrease the size of the grey of
informal economy.
 Help business people to grow their customer base
and resource pool, far beyond the limitations of their
immediate geographical area.
 Adds up to environment as no tree will be cut for
printing paper money.
Disadvantages
Higher risk of identity theft.
Losing phone
Difficult for technical
Overspending
Failure rates.
Thank You