This document discusses the disadvantages of non-cash payment methods, including privacy issues, exclusion of certain populations, and risks of hacking or fraud. It also lists various non-cash payment options like debit cards, credit cards, mobile banking, and online transfers. The effects of India's 2016 demonetization are outlined, where the INR 500 and 1000 notes were removed from circulation and new INR 500 and 2000 notes were introduced. The role of the Reserve Bank of India in promoting non-cash payments through methods like mobile banking, UPI digital payments, and e-commerce is described. Finally, some countries moving towards cashless economies are mentioned, like the UK, Sweden, Australia and Netherlands, though India faces challenges in adopting it due

1. Disadvantages
The issue of privacy
Exclusion of certain
population
Breaching / hacking of
the system
Technological
dependency
Identification fraud

2. Various
non-cash
payment
methods
Debit Card
Credit card
Mobile Banking
PayTM
Bank transfer
A cheque

3. Charge Card
Prepaid or Stored
Value Cash
Direct Debit or Direct
Withdrawal
A Giro Transfer
Online banking e-
payment

4. Effects of
demonetisatio
n
 Against the backdrop of
demonetization exercise that shoots
up the Indian economy last
November, there is a major tussle
brewing in the consumer banking
space in India.
 Demonetisation arguably the most
important trigger of this race, was an
involuntary exercise that the country
underwent overnight.
 The two largest currency
denominations the INR 1000 notes
were declared along with the INR 500
notes were made unvalued. Also, new
INR 500 and INR 2000 came into
existence as valued by the RBI.

5. Role of
RBI
card, wallet are some noncash
payment methods introduced
by the RBI.
Introduced mobile banking to
everyone including farmers.
The government has launched
a UPI, a digital currency
which makes electric
transaction much simple and
faster.
Promotion of e-commerce by

6. Countries
going
Cashless
of the countries which follow the
aspect or cashless economy more
than the other countries.
UK, Sweden, Australia,
Netherlands, US also have a high
rate of the digital transaction
taking place but most people prefer
cash for their day to day purpose.
India as a developing country has
adopted the measure of the
cashless economy but due to its
diversity, it is logging.