Cashless Economy, “A Socio Economic Transformation”
Asian Resonance ( P: ISSN No. 0976-8602 RNI No.UPENG/2012/42622 VOL.-7, ISSUE-4(Part-1), October-2018 E: ISSN No. 2349-9443 ) Abstract Hemant Kumar Vice-President, Marketing, ICC Projects/Kordansky Pvt. Ltd., Delhi , India Cashless Economy can be defined as a situation in which the flow of cash within an economy is non-existent and all transactions must be through electronic channels such as direct debit, credit cards, debit cards, electronic clearing, and payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) in India. The purpose of this research paper is to clearly examine the development and challenges of cashless economy and also knowing about availability of various alternative modes of payment. It will also help to understand what Steps Should be Taken towards Cashless Economy? Enabling access to banking is a pre requisite to promote cashless economy. So the success of initiatives ...