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Uploaded byAkanksha Shukla
Cashless Economy- Advantages & Challenges
The document discusses India's transition to a cashless economy. It notes that a cashless economy relies on digital money transfers rather than physical currency. Some countries like Sweden and Canada are leaders in cashless economies. India is also moving in this direction since demonetization. Electronic methods of payment like debit cards, mobile wallets, and UPI payments are promoting this shift. A cashless economy can curb black money, reduce tax avoidance, and promote financial inclusion. However, challenges remain like digital illiteracy, infrastructure issues, and changing public attitudes and behaviors. The government is taking steps like promoting e-commerce, payment banks, and financial literacy to further the transition.
