The document discusses India's progress toward becoming a cashless economy. It defines a cashless economy as one where physical currency is minimal and transactions are done electronically. Some top cashless countries are cited as examples. India currently has less than 5% of transactions electronic. Challenges to India becoming cashless include internet availability, unoperational bank accounts, small retailers who don't accept digital payments, and consumers' perceptions. The government is taking steps like expanding banking access and mobile wallets to encourage digital payments.

1. Cashless
India
Pooja S Perumal
By

2. What is Cashless Economy?
Cashless Economy is when the flow of cash within an economy is non-existent and all
transactions have to be through electronic channels such as direct debit, credit and debit cards,
electronic clearing, and online payment systems. The circulation of physical currency is minimal
Some of the Top Cashless Countries are
Singapore 61%
Sweden 60%
Netherland 59%
France 59%
This system is successful in these countries because of their high tech information
technology as well as a crackdown on organized crime and terror.
Sweden, said that the widespread and growing embrace of the mobile payment system
Where does India stand???
In India less than 5% of all payments happen electronically.

3. Challenges in making India a cashless economy
• Availability of internet connection
• Bank accounts have been opened through Jan Dhan Yojana, most of them are lying
unoperational.
• Dominated by small retailers
• Perception of consumers also sometimes acts a barrier
• Benefit of cashless transactions is not evident
• It is universally believed that cash helps us negotiate better
• Cash users fear that they will be charged more if they use cards
• Indian banks are making it difficult for digital wallets

4. Why Indians prefer Cash over Electronic transactions?
• Lack of access to banking
• No transaction costs in Cash payments
• Electronic payments had been so far unviable for small value transactions
• Cash provides flexibility and simplicity
• No worries about crashing of computers and losing the transactions
• Large unorganized sector with majority of retailers, suppliers and service providers.
• Infrastructure to offer card-based transactions nor the inclination to encourage consumer
to pay by credit cards or debit cards
• Lack of education / awareness

5. Advantage
• Transaction costs are coming down.
• Low cost of printing, managing and moving money around.
• Solves the problems of cash out
• Increase tax compliance.
• Greater revenue for government funds and the welfare programmes.
• The entire process becomes transparent
• Payments can be easily traced and collected
• Corruption will automatically drop (Black money)
• Speed and satisfaction of operations for customers
• Increase for developed markets

6. Disadvantage
• Number of mobile users who are connected to the Internet
• Availability of reliable connectivity
• Merchant acceptance
• Time taken for a transaction
1. For a card 2. For digital transactions
• Security issues
• No privacy with cashless (Security issues)
• Interoperability issues (between payment systems)
• Cost of transaction
1. Merchant costs 2. Customer costs
• Cost are applicable when cashless is converted into cash

7. Steps taken towards Cashless Economy in India :-
• Enabling access to banking
• A robust payments mechanism to settle a digital transaction is also needed
• Licensing of Payment banks
• Government is also promoting mobile wallets
• Government has also withdrawn surcharge, service charge on cards and digital
payments
• The expansion of telecom and smart phones

8. Types Of Data
 Primary data is original research that is obtained through first-hand investigation. Primary
data includes information collected from interviews, experiments, surveys, questionnaires,
focus groups and measurements.
 Secondary data is research that is widely available and obtained from another party. Data
collected by someone else for some other purpose (but being utilized by the investigator for
another purpose)

9. Primary Data

10. In which field does cashless transaction work out?
• All types of trading
• Petroleum and super markets
• Shopping
• Electronics gadgets
• Payment of bills and other stuff
• Online transaction
• IT
• Hotel and travel
• E-shopping
Reasons for using cash ?
• Shopping on online markets
• Easy to handle for educated
• Reduction of service tax
• Accepted at all times
• Get better offers in online shopping

11. Secondary Data

15. The more cashless our society becomes,
the more our moral our society becomes.
Thank
You