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Is India ready for a cashless economy ?

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Voting Style: Open Point System: 7 Point
Started: 7/11/2018 Category: Economics
Updated: 3 years ago Status: Debating Period
Viewed: 8,768 times Debate No: 116456
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As we all know that India is a agriculture dominated country.most of the farmer belongs to the rural areas and some of them are illitetrate as well.they are unable to operate the mobile phones and they will face difficulties in remembering passwords and doing transactions .In the small industries there are labours they are working on the daily wages 90% of the labour are paid by daily wages with the cash.the security is also a big concern for us according to the report of the C.E.R.T approx 40000 incidents were happened till october 2016.Indians are worry about the cyber security recently the windows xp which is the platform most of the bank are using that were hacked and ATM machines were also hacked recently.for cashless most of the people need of the smart phones and computers and many more people will unable to buy the smart phones and computers then they will be unable to do the online transactions.many people are unknown about computer education they don't know how to operate it


Cashless transaction include all transactions which does not include cash i.e. transactions through debit/credit card,cheques,NEFT etc. India is absolutely ready for a cashless economy. In MAY 2018 there was about 172 million NEFT transactions. About 80% of Indian adult have bank account. With the invent of new technology , now feature phones like jio phone are providing digital payment facility . There are about 730.7 million mobile phones in India. Now banks like DBS and indusland have started providing facility like biometrics verification which are safe as well as secure.

We should also look for the benefit of a cashless economy. It will solve problems of corruption, fake note, terrorist funding as all the transaction will be recorded. It will also save money spent on printing notes i.e 3.9 for 1Rs 500 note and 3.77 for 1 Rs 2000 note.

If India wants to become among the best country we need to accept change and adopt technology that will improve our efficiency & transparability.
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