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1. SUBMITTED TO:
MRS.AMY GRACELYN PAUL
ASSISTANT PROFESSOR
DEPARTMENT OF ENGLISH
SUBMITTED BY:
VIBHOUR SINGH(20BTAG66)
AMAN KUMAR(20BTAG76)
KEERTHI REVANTH(20BTAG102)
AMAN RAJ(20BTAG62)
KUNDAN KUMAR(20BTAG102)

2. INTRODUCTION
STEPS TOWARDS
CASHLESS
ECONOMY
ADVANTAGES AND
DISADVANTAGES
CHALLENGES
GOVERNMENT
INITIATIVES
INDIA’S SCENARIO
CONCLUSION

3. Introduction about Cashless Economy
 Cashless economy is the term hat is used to describe the
situation wherein the flow of cash doesn’t exist in the economy
and that all the transactions are undertaken through electronic
channels.
 This can include cash transfer through credit and debit cards,
direct debit, and electronic clearing and payment systems such as
Immediate Payment Systems(IMPS), National Electronic Funds
Transfer(NEFT) and Real-Time Gross Settlement(RTGS) in
India.

4. Cashless
Economy
Credit
cards
Net
banking
Mobile
wallets
Debit
cards

5. India’s steps
towards
Cashless Economy
• First move towards an electronic
payment’s system in India: In 1982,
the RBI started to look at
introducing Magnetic Ink Character
Recognition or MICR technology.
• Chakravarthi Rangarajan headed a
committee which recommended
ATM in India .HSBC(Hong Kong
and Shanghai Banking Corporation)
was first to introduce the ATM
concept in India in 1987.
• In 2004 ATM charges are waived.
• In 2004 RTGS was introduced.
• In 20005 NEFT launched.
• In 2006 India’s first E-wallet
‘WALLET365’ was launched.
• In 2010 IMPS got launched in India
• In 2016 UPI got implemented in
India.

6. Advantages of cashless economy
• A cashless economy will help reduce corruption
• It’s easy to tackle with black money
• It is difficult to avoid the proper payment of due taxes in a
cashless society.
• Circulation of fake currency notes can be curbed.
• The risks of carrying and transportation of cash is eliminated
• The cashless economy make difficult to carry out anti-social and
illegal activities.
• Reduction in the cost of printing money.
• Cashless transactions have the benefit of transparency.
• Less demand for cash holding in banking sector.
• Convenient mode of payment.

7. Disadvantages of cashless economy
• A small loophole in security could lead entire country’s money at
risk.
• Not everyone has the knowledge of doing digital transactions.
• Digital mode of payments like credit card, wallet payments
internet banking involves some transaction fee which is not in
the case with cash transactions.
• Higher risk of identifying the thief.
• It takes a lot of time to recover lost money.
• These cashless methods works in mostly Smartphone's and there
are many people who could not afford Smartphone.

8. Challenges in
making India
a cashless
economy
A
QUATE
URE AND
Y:
th a vast area,
2.3 lakh of
hs of Point Of
mpared to
, Brazil, France
adults in India
ATM’s and the
escalating.
B
E OF
CARDS:
of 750
ts usage
east 375
er month ,
at the
use the
wo months
according
me of PoS
actions
s about
5 million
as of
C
r
nd
r
in
ks
n
ber
D

9. GOVERNMENT INITIATIVES
1. Introducing Jan Dan Yojana, Aadhaar, and Mobile(JAM):
The government pushed the country in the direction and
promoted people to move towards digital transactions right
from the launch of JAM. Many other options for developing a
cashless economy have initiated like Unified Payment
Interface(UPI), ATM, POS, Aadhaar Enabled Payment
System(AEPS) and digital wallet.
2. Financial security: A big reason why people prefer cash to
cashless method is cyber frauds, and government initiated to
guarantee financial security on cashless methods
3. Awareness campaign: Many awareness programs were
conducted by government in both rural and urban areas
through radios and televisions.

10. 4. Incentives for going digital:
• The government petroleum PSUs shall give incentive by
offering a discount at the rate of 0.75% of the sale price to
consumers on purchase of petrol or diesel if payment is made
through digital means.
• Free accidental insurance cover of up to Rs.10 lakh to all
railway passengers buying online ticket. Every day 14 lakh
railway tickets are sold and nearly 58% of tickets are brought
through cashless methods.
• No service tax on the digital transactions up to Rs.2,000
• 10% discount or toll payment on National Highways using fast
Tags
• Rural Regional Banks and Cooperative Banks to issue “Rupay
Kisan Cards” to 4.32 crore Kisan Credit Card Holders.
• Central Government departments and PSU (Public Sector
Undertaking)to bear transaction fees on cashless payments.

11. India’s scenario in cashless revolution
• From financial year 2015-16 to 2019-20 there is massive escalation in
use of cashless methods in India, about 55.1% of growth is seen in
past five years.
• According to National Payments Corporation of India data, payments
on June 2020 hit all-time high of 1.34 billion transactions and 2.62
lakh crore Rs had transacted.
• India was a head of China with 25.5 billion real-time payment
transactions in 2020 where china is 15.7 billion.
• Mobile wallet adoption rose to a historic high of 46% in 2020, up
from 40.6% in 2019
• Overall payments in 2020, By 2025, the expected overall
payments are
1. 15.6% of instant payments 1. 37.1% instant payments
2. 22.9% electronic payments and 2. 34.6% electronic payment
3. 61.4 % paper based 3. 28.3% paper-based

12. • 79% of Indians used cashless methods in Covid-19 period
instead of cash as of March 2021 and India tops in use of
cashless methods followed by Malaysia, USA and Indonesia.
• Cashless methods will grow at a rapid pace over the next few
years and account for a 71.7% share of all payments by 2025
Conclusion:
Launch of Cashless Economy has brought about a sea change in
Indian economic system. Since cashless methods are easier and
faster, people are more interested on going cashless methods
than ever before.

13. “THANK YOU
FOR YOUR ATTENTION”