Study of Recent Developments Related to Cashless Commerce in India

Ashwani Sharma () and Dr. Himanshu Agarwal ()
Additional contact information
Ashwani Sharma: Research Scholar, Department of Commerce, D. N. College, Meerut
Dr. Himanshu Agarwal: Associate Professor, Department of Commerce, D.N. College, Meerut

Journal of Commerce and Trade, 2018, vol. 13, issue 2, 66-71

Abstract: Cashless economy is a situation in which the flow of cash within an economy is non-existent and all transactions are done through electronic media channels. Prime Minister Narendra Modi, has expressed his views, on moving towards a cashless economy and creating an Indian cashless society, for betterment of Indian economy and encouraged people of India, to use cashless transactions, consider mobile phone usage, as a wallet and a bank. Moreover, the cash culture in India is dominant and people prefer to use cash wherever possible. In another step towards a cashless economy, a new service (UPI) has been recently launched that will allow for transaction using two smartphones. This is helpful for secure transactions for people who are not technology savvy. Aadhaarenabled payment system (AEPS) also used as cashless transactions. Government also promoting mobile wallets, people does not need a debit card, credit card or internet banking password for making payment using a mobile wallet. In this just load money in the wallet via IMPS and use it on the move. People can download mobile wallet app from play store. 'Digital India' focuses on transforming India in to a digitally empowered and knowledge economy. Bharat Interface for Money (BHIM) App also launched by government to promotes cashless transactions.

Keywords: Cashless economy; UPI; AEPS; Mobile Wallets; Digital India; BHIM. (search for similar items in EconPapers)
JEL-codes: E42 F18 G21 (search for similar items in EconPapers)
Date: 2018
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.jctindia.org/index.php/jct/article/view/o18-asha (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jct:journl:v:13:y:2018:i:2:p:66-71.

Access Statistics for this article

Journal of Commerce and Trade is currently edited by Dr. Himanshu Agarwal

More articles in Journal of Commerce and Trade from Society for Advanced Management Studies
Bibliographic data for series maintained by Dr. Himanshu Agarwal ().