Cashless Economy And Its Impact In India

Abstract

The most discussed matter since Nov-8 in the country is cashless economy. There are two different stands about this. One is that it is not possible in a country like ours, where there is less education and it infrastructure facilities. The other stand being this is the only alternative for sudden development. These are largely not based on facts but party related. While cash remains the preferred choice, there has been a big build-up in the payments infrastructure.There are over 1 million point of sale terminals for over 500 million debit and 20 million credit cards.Cash and cheque, which formed 94% of all transactions in 2003,may fall to 13% by the end of this decade.