Going cashless!
Money is the fundamental need of an economy. In a country like India, it is a fact of no doubt that the it is an immensely cash-concentrated economy. With the change in time and technology, a new term was introduced called as the Cashless Economy. Cashless economy is used to describe the situation wherein the flow of cash doesn’t exist within the economy and that all the transactions are undertaken through electronic channels. This can include cash transfer through credit and debit cards, direct debit, and electronic clearing and payment systems such as Immediate Payment Services (IMPS), National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) in India. Then, we come across the question, why is cashless economy necessary? What changes does it bring about? Let's have a look - When it comes to cash, an obvious fact is the significant amount of time and money is needed to print the currency. According to some reports, RBI has spent Rs.32.1 bill...