Cashless Transaction – Mobile Transaction

Abstract

Cashless economy in India about the cashless India initiative. It was launched on 1st July 2015 by hon. prime minister Narendra Modi with a vision to transform India in to digitally empowered society and knowledge economy faceless, paperless, cashless is one at the professed roles of digital India.

Major progress towards this goal was mode in late 2016 when the govt. took steps to demonetize the counting now even small retailers and shop owners are using cashless models like PayTm for transaction.

A cashless economy is one in which all transactions are mode using credit, debit cards or digital devices (e. g. point-of sales (POS) machines, digital wallet) and the circulation of liquid money or paper currency is minimal.

In this economy a third-party such as the govt. or public/private sector banks process an individual’s money and can circulate that money whenever. It is not needed by the individual.