Cashless India – Essay 1
The other name for Cashless India is the Digital India. It represents a program that was launched by the Government of India. As one of the well performing economies in the world, the country has resulted into adopting cashless transactions to help in easing business transactions.
The cashless India initiative was launched on the 1st of July 20 15. It was launched to empower the society digitally and give it more knowledge. There are many advantages of a cashless economy which can be witnessed all over India.
Cashless India – “Faceless, Paperless, Cashless”
The program being one of the grandest projects, a major role of Digital India has been to achieve a faceless, paperless and cashless society. This is where individual are not required to have any face to face transactions but they can just conduct their transactions with different people all over the world. This brings in more convenience when conducting business. A paperless and cashless society is one where the people do not use tangible cash to pay for various goods and services. People are instead being urged to start using digital payment methods where they can pay for various transactions using various digital platforms.
Digital Payment Methods
There are various digital payment methods that are being widely used around India. Each of these digital payment methods will ensure that the country is able to achieve its Digital India initiative goals. Some of the most popular digital payment methods that are being used around the country include;
- Banking Cards are one of the digital payment methods that India has adopted so as to meet their Digital India goals. These are cards that one can present whenever they want to pay for a transaction and the money is directly deducted from their bank accounts.
- Internet Banking is a payment method that involves one sending their payments through online platforms. With internet banking, e-commerce has been made possible and also people ate able to buy and pay for products from any part of the world.
- Mobile payments are where people send or receive money using their mobile phones. This is a payment method that has gained popularity not only in India but also in other parts of the world.
- Banks prepaid cards are the cards in a bank that are loaded with money and you can use them to pay for various purchases. One can also use these cards to pay for the various bills that they have.
- Point of Sale which can also be termed as the point of purchase is a mobile electronic device that serves to process payments made on card which may be used to pay for a good or a service. A point of sale system can be placed in a store or in a terminal.
- ATMs stand for Automated Teller Machines. Instead of people going to the banks and withdraw or deposit money, they can use the machines to carry out various financial transactions without the use of the banking staff.
- Mobile wallet is a type of a virtual wallet which mostly comes in the form of an App. This allows for one to load the mobile wallet with money from your bank account ad you can use the money to pay for purchases.
- AEPS which are called as the Aadhaar Enabled Payment systems are systems used to carry out financial transactions such as withdrawals, deposits, and also other fund transfers.
- USSD is also a payment system that is facilitated by the National Payments Corporation of India. With this service, you can be able to transfer funds, enquire your bank balance and also view your banks statements.
What is referred to as a cashless economy is basically one where all the business transactions are carried out by the use of various digital methods and using digital devices. A cashless economy is not one where there is no use of cash at all but it is an economy where there is minimal use of paper money. A cashless economy is one where third parties like banks and the government carry out transactions on the behalf of the individual. All over the world, countries are slowly adopting cashless economies as it has been found to be more convenient and it is also encouraging investment and business activities.
Benefits of Cashless Economy
- A cashless economy helps in boosting the economy. This is because the government is able to cut down on the costs of minting money. The process of minting money is very expensive and if a country is able to reduce the amount of money that is printed, it can save more money that can be used to carry out other initiatives that can grow a country’s economy.
- A cashless economy is also essential in reducing the levels of anti-social activities around the world. Many anti-social organizations rely on using paper money. The government can easily track online payment transactions and this makes it hard for anti-social groups to carry out their activities.
- With a cashless economy, we are also able to protect the environment through the reduction of deforestation. This is because there will be a reduced number of trees that will be cut down so as to make paper money.
- A cashless economy is one that will also reduce the chances of having fake cash. The printing of fake money is a menace that every country in the world is facing.
- A cashless economy also makes it possible for labor laws to be followed to the latter. When workers are paid through their banks accounts, it is relatively easy to monitor whether companies and employers are adhering to the minimum wage.
- A cashless economy is also beneficial in helping a country meet its economic goals. With an initiative such as the Digital India, the country is able to attract more investors who will help in boosting the economy and also help it in achieving their future developmental goals.
Running a cashless economy comes with numerous advantages or pros. It is because of these benefits that the government of India started the Digital India initiative. This is an initiative that has shown many positive results since its launch. With this initiative, the government is aiming at accomplishing more secured payment systems and also allow for smooth financial transactions. There are a lot of digital payment methods that are steering India towards achieving a cashless economy. Each of these methods is easily accessible and convenient to every individual in the country to help them become part of the race towards becoming the much desired cashless economy.
Digital India – Short Essay 2
Digital India was a scheme run by the Government of India under which aims at making every government service to be available to Indians electronically.
Importance of Digitization
Your personal and social life has been raised to a new level of comfort and easiness. You can do your daily shopping for groceries, clothes and household goods from your Computer, Laptop or even your Mobile phone, from the comfort of your home.
You can access and connect with all your friends and family, across the world, via the Digital Online Media.
Digitization has offered many opportunities for previously impossible growth for all Businesses. Every business, small or big can today have an online presence. On the one hand, Business in Digital India can attract a wider Target Market for their goods and services. On the other hand, Businesses can also collaborate with Partners from across the world, by using the Technological facilities available in today’s Digital India.
The Medical Field has seen a complete transformation. The diagnosis and treatment of diseases have become very easy, and Medical Information can be shared between Doctors and Patients via Digital Online Media.
How Digital India works in India
- The campaign got launched on 1st July 2015, and the motive of the campaign was to empower the Indians to use government services electronically. Because before it, people have to visit banks and stand in queues to pay money or even to know about their balances, but due to digitization, even illiterate people have started using banking apps and getting all the benefits.
- Applications like Paytm, Phonepe, Bhim, etc. have reduced the use of physical currency as people try to pay for their bills using one of these apps.
- With the help of digitization, one doesn’t even need a bank account; one can open his Paytm account or other such accounts by which he can add or withdraw money from it very safely and conveniently without standing in queues.
Digital India’ has seen a huge change in the Quality of Life of the Indian Population. All people who can afford a Computer, a Laptop, a Mobile Phone, and Internet, are participating in this revolution.
Digital India – Short Essay 3
India like many countries of the world, has taken its place on the global map of technological development. A large part of the technological development is related to the digitalization of the country’s infrastructure and related functions.
This involves a combination of multiple technological developments. The first is the widespread access to fast speed internet connections across many cities, towns and villages of India. The second is the access to information technology related developments. This includes the access to information via various search engines and online platforms. The third is telecommunications developments. With access to mobile phones and tablets, all the technological developments are available in the hands of a large majority of the Indian population today. This is the effective reality of the digitalization of India.
Impact of Cashless India / Digital India
Cashless India or Digital India has had its impact on various aspects of the Indian population.
- In Digital India, all banking processes have been transferred online. So you don’t have to go the bank for accessing your accounts anymore. You can access them from your laptop via online portals, from the comfort of your homes and offices.
- In Digital India, all the major shopping options have their own online portals. So you can do your groceries shopping, clothes shopping, electronics shopping, etc. via online portals. They can be delivered to your home. You don’t have to wait in long queues and lot of time and energy in the daily routine can be saved which can be used in more productive activities.
- In Digital India, all your utility bills, other bills can be paid online. So you don’t have to visit the Electricity department, the Water department, the Gas department, etc. anymore. You can just access their online portals and make direct online money transfers to pay the monthly bills. This is also a huge saving in terms of time and energy for everyone.
- In Digital India, you can make all your travel arrangements online. This includes your daily commute for work or long vacation travels too. You can make your taxi bookings, flight bookings and hotel bookings, all online.
Digitalization has made life simpler and easier in India.
Digital India – Short Essay 4
Digital India is a program which is initiated by the Government of India to integrate all the people of the nation with the government departments using digital technology.
It aims to provide public services to the country’s citizens in a paperless manner. This initiative was taken to transform India into a knowledge economy and a digitally empowered society. It plans to connect even rural and underdeveloped regions of the nation with high-speed internet.
This is a dream to take India to the heights to match the best of all developed world. All the documentation, registries, etc. are being made digital. It is possible to fill the majority of forms online, even those related to governance and administration.
Aadhar Card, which is a unique identity document, is being linked to every other facilities such as telephone, bank account, etc. This makes all possible details available in one go.
People across the nation are being educated in online banking, and digital payments gateways are becoming common everywhere.
Apps like Ola and Uber are making the taxi and rickshaw services available at your fingertips.
Digitization of books is a big task, and it is being undertaken by the authorities in the direction of the vision.
Benefits of digital India initiative:
It provides high-speed internet to perform tasks speedily in less time. It also reduces paperwork. It can also reduce corruption as things become transparent in the digital environment.
It gives a platform to provide facilities to the people that include services such as e-education services, digital locker facility, e-commerce services, e-commerce services, e-health services, etc.
Cashless India – Essay 5
Cashless means without cash and a cashless society can be defined as a situation whereby money in physical form is not used as a means of transactions rather than transferring of digital information to the two parties involved in a transaction. No paper money or coins is used.
The Government is promoting cashless India, and they have been successful to an extent because a lot of people have stopped paper transactions.
Cashless India is an important programme of the Government of India to turn India into a cashless society i.e., demonetarised and digitalized India. INR 500 and INR 1000 were demonetise on the 8th of November, 2016. This policy was aimed at reduced economic dependence on cash.
- Banking cards: This is provided or issued by a bank after provision of KYC (know your customer). The banking cards are in a plastic form with a chip attached on it.
- USSD: This is a use of codes for making transactions through a registered bank of yours. Your phone number will be attached or linked to the bank account.
- AEPS: ‘Aadhar’ card information is linked to your bank account.
- UPI: To use this, a bank account is needed, your mobile number will be linked to your bank account. The phone should be a smartphone and a debit card to set the MPIN (Mobile pin).
- Mobile wallets: Mobile wallets is an option to set up a zero or standard KYC wallet with your mobile phone number linked to it. The application is downloaded to your smartphone and you will be able to access ranges of banking services on it.
- Banks pre-paid cards: There should be a bank account with a wallet or a prepaid card with an application on your smartphone to generate MPIN.
- Point of sale: It popularly called POS, it is a handled device with the ability to capture biometric data of users with the help of banking cards slot into it and Internet connectivity.
- Internet banking: This is an online transaction with the help of a bank account and Internet service.
- Mobile banking: Bank account number linked with your mobile number, mobile application and Internet connectivity to access this digital service.
- Micro ATMs: This is for the users of low costs devices.
These mediums are the channels to exhibit cashless transactions in India. Previously, if someone had to purchase anything, he just needed money, now if you want to transact through online applications, you need internet, a smartphone and an application by which you can transfer the amount to other people’s accounts.
- The cost of printing paper money is more than its original value, a cashless transaction will save the cost for this.
- It helps to curb the circulation of fake notes in an economy.
- It helps the government to curb the issue of tax evade/avoidance.
- It prevents money laundering.
Conclusion: In conclusion, the future of cashless India is going to be a palatable one because a lot of citizens are using it effectively.
Last Edited: March 6, 2019