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Cashless Economy
- 2. MENTEES • ATHIRA UNNIKRISHNAN • ANDRIYA WILSON • ABHISHEK JAYAKUMAR • KARTHIKA MOHAN • MUHAMMED MUINUDHEEN • TONY JOSE • VISHNU UNNI PISHARODY • VIJITH CV MENTORED BY:-Mrs. JOBY
- 5. What is Cashless Economy?
- 7. •No paper money or coins •Everything is electronic •Payment via E-wallets •EFT •EPS •Microchips/Smart Cards CASHLESS ECONOMY
- 9. •Discount on petrol and diesel prices •Discount on Service tax •Discount on railway tickets •Development of rural areas •Discount on national toll plazas •Rupay Kisan Cards •Discount on insurance premium PROMOTIONS
- 10. BENEFITS OF FULL CASH ABANDON
- 11. • Convenience • Discounts • Tracking Spends • Budget Discipline • Lower Risk BENEFITS
- 12. • Small Gains • Increase in GDP • Merchants BENEFITS
- 13. CASHLESS- is the way to go?
- 14. • 23% of PMJDY accounts lie empty • Constant fall in Networked Readiness Index rank • Only 18% of all ATMs are deployed in rural India • Merely 27% of India has internet access • Need to launch awareness programs • Need to ensure that there are more Point of Sale (PoS)
- 20. •Cost of Swipe Machine:- Rs.7000-25000 •Only 17% of Smartphone users •Security issues CONSTRAINTS
- 21. RECENT NEWS
- 24. •27 percent internet users in India •Not more than 17% own a smartphone •15% of 1.1bn users have broadband net •Average page load time is 5.5 seconds
- 26. RECENT NEWS •Cash back for merchants using BHIM app •AadharPay •10 lakh PoS machines by March 2017 •2500cr worth Cashless transaction by 2017-18
- 27. CONCLUSION
- 28. •Is India ready for a Cashless Economy? •In India –currently below 10% cashless transaction •The move to digital economy is not a rapid exercise, it is more of a steady journey. •It takes time to shift to digital platforms
- 30. REFERENCE • http://www.civilsdaily.com/story/cashless-society/ • http://www.business-standard.com/article/economy- policy/five-hurdles-to-pm-modi-s-push-for-cashless- economy-116120300179_1.html • http://timesofindia.indiatimes.com/business/india- business/telecom-subscriber-base-in-india-crossed-1-12- bn-in-nov-trai/articleshow/56959807.cms • www.orfonline.com • https://www.rbi.org.in/Scripts/FAQView.aspx?Id=119
- 31. • http://www.internetlivestats.com/internet-users/india/ • http://www.hindustantimes.com/union-budget/union- budget-2017-arun-jaitley-focuses-on-cashless-india/story- rAYOSnM3DunGCzbCer42XO.html • https://www.thequint.com/currency- ban/2016/12/27/digital-payments-gone-down-in- november-compared-to-previous-months-since-note-ban- modis-demonetisation-cashless-push • https://yourstory.com/2016/12/narendra-modi-package- digital-cashless-economy/ REFERENCE
- 32. • http://pib.nic.in/newsite/printrelease.aspx?relid=155605 • Banking Annual (Dec 2016) REFERENCE
- 33. MENTEES •ATHIRA UNNIKRISHNAN •ANDRIA WILSON •ABHISHEK JAYAKUMAR •KARTHIKA MOHAN •MUHAMMED MUINUDHEEN •TONY JOSE •VISHNU UNNI PISHARODY •VIJITH CV MENTORED BY:-MRS JOBY