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  • What is a cashless economy...?

    Hello Friends,

    Please tell me, What is a cashless economy...?
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  • #2
    A cashless economy is one in which all the transactions are done using cards or digital means the transaction are done using cards or digital means. The circulation of physical currency is minimal, India uses too much cash transactions... The number of currency notes in circulation is also far higher than in other large economies.
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    • #3
      Cashless economy means all type economic transaction done with Debit card, credit card, net banking and other application.
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      • #4
        A cashless economy is one in which all the transactions are done using cards or digital.

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        • #5
          Cashless economy means people use other device to replace the cash, credit card, pay pal Ali pay, they are all the substitute of the cash. What's more, nowadays many people want to make more money during their spare time, so they will choose online platforms to reach their goals. Because they can make up their salary and they can lead a better life since they just need to work for one or two hours online everyday and get paid via their pay pal. And I know that many people are trying this new form of work on BestReviewApp.

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          • #6
            thanks for advise....
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            • #7
              Any payment done without cash In which all the transactions are done using cards or digital means. The circulation of physical currency is minimal. India uses too much cash for transactions.
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              • #8
                In India cashless economy is failure system. and it is not possible.
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                • #9

                  Cashless Economy is when the flow of cash within an economy is non-existent and all transactions have to be through electronic channels such as direct debit, credit and debit cards, electronic clearing, and payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) in India. As of now, Cashless Economy has only academic importance. The Indian Economy continues to be driven by the use of cash; less than 5% of all payments happen electronically. in India, the ratio of cash to gross domestic product is 12.42% in GDP, which is one of the highest in the world. It was 9.47% in China or 4% in Brazil. Further, the number of currency notes in circulation is also far higher than in other large economies; India had 76.47 billion currency notes in circulation in 2012-13 compared with 34.5 billion in the US.

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                  • #10
                    Payment through without cash is know as cashless economy.
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                    • #11
                      Nice explanation
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                      • #12
                        Originally posted by nikhil01 View Post
                        A cashless economy is one in which all the transactions are done using cards or digital means the transaction are done using cards or digital means. The circulation of physical currency is minimal, India uses too much cash transactions... The number of currency notes in circulation is also far higher than in other large economies.
                        Yes, i agree with you.
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                        • #13
                          Cashless society. A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties.

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                          • #14
                            Cashless Economy is when the flow of cash within an economy is non-existent and all transactions have to be through electronic channels such as direct debit, credit and debit cards, electronic clearing, and payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real Time
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