Nowadays, in India, the payment system is rapidly transiting to a digital platform. In the past, the retail transaction was entirely dependent on cash, but now the retail transactions are very rapidly shifting from cash to digital platform. India has one of the highest Cash to GDP (Gross Domestic Product) ratios in the world, and lubricating economic activity with paper currency has costs. According to the study of Tufts University, the total cost of cash handling in India is Rs. 21000 crore annually. This is a huge amount for our economy. Apart from that, digital transactions have many benefits over cash transactions, So Govt. and RBI are trying to move to a cashless economy.
The tools of Digital Transaction:
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Denne historien er fra February 2021-utgaven av BANKING FINANCE.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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