Transactions without cash and with debit card, credit card, digital wallets is described under the title cashless economy. Electronic representation of money is encouraged in this mode rather than physical notes or coins. In India, the concept is intensified with government's ideology of 'Digital India'. This can cause high seigniorage for the nation, that is profit from currency printing. Also, the economic transactions can be tracked and tax compliance can be increased. Better disbursement of welfare reaches the people, if transactions are made directly through bank account. Some issues are illiterate people won't be aware about the concept and they continue to use cash. Moreover, lack of internet availability can disrupt digital transactions. There will be a loss of freedom to choose between cash in hand or digital money. For developing nations like India, the use of digital currency needs time to get workout among people. Interesting facts about this topic can be understood from the presentation.

Yogita Parihar

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