Cashless economy: opportunities & challenges

Saima Javaid and Naseem Ahmed

Cashless economy offers number of opportunities and challenges which is likely to change the entire business and financial matrix. Greater usage of digital payment system will not only achieve wider tax base, check counterfeit currency, curb terrorist funding but also save trillions of rupees for Indian Economy as it will bring down the cost of printing & distribution of currency notes which is estimated at 1.7% of GDP. The digitization empowered by demonetization is engaging customers, employees, optimizing process through disruptive innovations and transforming the industries to face the various challenges thrown up by the cashless transactions. There is a greater need to ensure cyber security, develop adequate infra-structure by involving Digital experts, and enact stringent data protection laws to reap the fruits of cashless or digital economy.

Download PDF: 
Select Volume: