Wednesday, 7 June 2017

Cashless Economy and its Effect - Indian Scenario

Dr. Vijay Kumar Tripathi ,
Noour Islam University ,

Kanyakumari Tamilnadu

Introduction- India is a multicultural, multilingual country. Most of the people lives in Village area and 47% of Students drop out their school after Grade 8. Internet and Android phones are almost in every hand but 80% people don’t know various features of their phone. They just know Call, Whatsapp, Facebook  and Youtube as well as use of Camera.
Although government always trying to promote cashless economy and digital literacy among citizens but Basic Infrastructure Like electricity , High Speed Internet is still a Big Barrier.
   Govt. reduced the printing of cash money and there is lack of cash in ATM but most of the people don’t know how to do online transaction and there is a fear for data hacking and money loss. Recently attack of RamSumware Virus on 150 countries computers also created a strong feeling among public that their data can be hacked any time.
In this article I am going to Highlight main points of cash less Economy, Its Effect on Indian Society.
Keyword- Cashlesh, Internet, Security , Economy.
Obstacles in Cashless Society
1-Cashless Society- This is a society where use of cash money is very less in Daily life. Most of the expenses related to Daily use like Electric Bill, Telephone bill, Grocery Items, Travel Charges are paid via Credit/Debit Card/Net Banking.
2-Digital Literacy – To be a cashless society digital literacy is very important along with general knowledge of Phishing, Scam and Virus.  Digital training must be provided from Primary classes onwards then only Citizen will be fully digitally literate.
3- Government Website- It is very common that 90% of Govt. sites are too complicated and very slow For example just visit State Department Tax Website, EPF, ESI, GST or digitizeindia all website are very slow and lots of information is asked. Main problem Aries when people want to pay tax at that time they are paying money and spending lots of time to fill the site and if site does not work then most of the people says leave it.
4-Bank Charges- Almost all banks impose charges on online transaction along with service tax it is also a big obstacle for cashless economy. At every online transaction people pay on average Rs. 6.00 if any company does 100 transaction in a month then he is charged 600 monthly which is useless.

Solutions for Cashless Society
1- Secure Transaction- All online transaction must be secure and highly encrypted. 
2-Digital Literacy – People must be trained on priority basis for digital literacy and online transaction. There must be accountability of bank and transaction channel on loss of data and amount of transaction loss.
3- Government Website – Govt. Must make its site simple and easy to use. The Speed of site must be improved and necessary infrastructure for Digital Transaction must be  provided to public.
4-Bank Charges- Bank must encourage digital transaction by removing bank charges and providing reward to public who does maximum transaction in a month or year.

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