DEMONETISATION- REDUCTION OF INTENSITY OF CASH-BASED TRANSACTIONS IN INDIA
Keywords:
Demonetisation, Cash Intensive Economy, Cashless PaymentsAbstract
India is predominantly a cash-intensive economy. About 87% of the value of all the transactions in the country took place in cash in 2012. Although there are many cashless payment options available for the people, the value of cashless transactions in the country is relatively less. The post-demonetisation cash crunch forced people to go for cashless payment options. Government and the RBI are continuously exploring cashless payments across the country. The accelerated developments in internet technology have brought lot of changes in the banking and financial sector in the country and cashless payment systems are steadily grabbing their share and attention in the market. This paper provides a broad overview of new payment systems in the country and throws light on how these emerging payment options will reduce the cash transactions across the country.
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