Recent initiative of Demonetization taken by the Prime Minister was one of the prominent and ambitious steps which has triggered spurt in digital payments, paving the way for India towards cashless Economy. Currency exchange has been now in incremental innovation stage in digital sector. This act has proved as a catalyst towards Digital Payment System. Digitization is a Faceless, Paperless and Cashless activity and it is the simplest method to carry out. There are various modes of instant transactions with digital means such as:
1. Mobile Wallet
2. IMPS
3. UPI
4. Debit/Credit Cards
5. Micro-ATM
6. USSD
The transactions processed with digital modes have multiple advantages than cash payment ecosystem viz -
1. Time saving activity since money transfer takes place within virtual accounts in a few minutes.
2. A convenient mode of payment which is available 24/7, with the help of a Laptop/ Computer/Smartphone and internet access.
3. It helps to find out all details of transactions done via virtual accounts in the easiest and fastest way.
4. It reduces paperwork which is one of effective ways to control deforestation.
5. It is a trusted way of recording all transactions and to control black money.
6. Creation of Digital Infrastructure and Electronic Manufacturing.
7. Boost to small and big enterprises and Real Estate.
8. Encouragement to E-Governance.
9. A Digital Identification that will verify the end user.
Cash economy requires a lot of paper work, documentation, dependability on people, non- traceability of transactions; digitization provides the easiest
way to carry out transactions faster. Thus, this is an integral step towards creating Transparency and Eradication of Corruption. Yet there are some questions that arise in a critical mind.
1. Reliability of proposed Digital Payment system?
2. Lack of anonymity?
3. Precautions against risk of hacking of Digital Pay?
4. Availability of Internet access in rural areas?
5. Security of Digital Transaction?
Looking over advantages of electronic payment system lets hope that best results will be achieved from it which will act as an catalyst to change Indian Economy.
1. Mobile Wallet
2. IMPS
3. UPI
4. Debit/Credit Cards
5. Micro-ATM
6. USSD
The transactions processed with digital modes have multiple advantages than cash payment ecosystem viz -
1. Time saving activity since money transfer takes place within virtual accounts in a few minutes.
2. A convenient mode of payment which is available 24/7, with the help of a Laptop/ Computer/Smartphone and internet access.
3. It helps to find out all details of transactions done via virtual accounts in the easiest and fastest way.
4. It reduces paperwork which is one of effective ways to control deforestation.
5. It is a trusted way of recording all transactions and to control black money.
6. Creation of Digital Infrastructure and Electronic Manufacturing.
7. Boost to small and big enterprises and Real Estate.
8. Encouragement to E-Governance.
9. A Digital Identification that will verify the end user.
Cash economy requires a lot of paper work, documentation, dependability on people, non- traceability of transactions; digitization provides the easiest
way to carry out transactions faster. Thus, this is an integral step towards creating Transparency and Eradication of Corruption. Yet there are some questions that arise in a critical mind.
1. Reliability of proposed Digital Payment system?
2. Lack of anonymity?
3. Precautions against risk of hacking of Digital Pay?
4. Availability of Internet access in rural areas?
5. Security of Digital Transaction?
Looking over advantages of electronic payment system lets hope that best results will be achieved from it which will act as an catalyst to change Indian Economy.
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