What is role of infrastructure in cashless economy
Infrastructure in cashless economy are type of platform which are made for doing virtual online economic activities between buyers+sellers, sellers+sellers, people+institutions (government, private), etc. Role of infrastructure in cashless economy very important because it provided specific place for people to do their economic activities daily.
Role infrastructure in cashless economy changed way of marketing style all over world. In the time of covid-19 in country like India cashless economy infrastructure make shift toward contact less economic activities.
Infrastructure of cashless economy now days totally focused on internet working. Area of country where internet speed good in that place infrastructure of cashless economy function effectively.
Country like China where infrastructure of cashless economy are well organised and world famous cashless economy running. Peoples who goes and adopted cashless economy their marketing experience totally become fast and technology oriented.
Example of online infrastructure in cashless economy all over world are in form apps like Google pay, Paytm, samsung pay, Mi pay, amazon pay, and phone pay, unified payment interphase system (UPI) and QR code, bank cheques and demand draft and many more.
Cashless economy term that are used in modern economic for to describe contact less transaction between buyers and sellers or sender and receiver of money. Role of infrastructure play important in cashless economy play major importance. Cashless economy is a type of economic activities which deals with situation where flow of cash doesn't exist within economy.
All financial transactions in cashless economy done on electronic platform or virtual payment platform.
Infrastructure used in cashless economy always internet technology based. All types of economic transaction occurred in cashless economy online way.
Good Infrastructure helpful in making complexity of transactions easily. Infrastructure role in cashless economy can be easily seen in various online payments platform running all over world.
Many countries of Asia and Europe are using various types of infrastructure for running cashless economy. Name of the world famous cashless economy infrastructure are Paypal, Alipay, Google pay, samsung pay, Apple pay and Paytm etc.
Cashless economy makes people transaction life easier and faster. Cashless transaction are considered more secured and make complex transaction process formalized.
Cashless economy has increased in covid pandemic in India and all over world. Online marketing transaction are helpful in elimination of black money from the economic activities which results in national economic growth. Online transaction are transparent end to end connected and helps to scrub corruption. Peoples which are using online transaction they don't carry cash in their wallets and remain safe from money rubbers.
Cashless economy infrastructure name in every countries are used in different name. In China cashless transaction done through Ali pay.
Infrastructure important in cashless economy can be easily seen in countries like China, India. China as a country expected to become world first cashless economy in coming years.
In country like India most of the financial transaction are done by people in cash. Government of India have taken needful steps towards encouragement of consumers and marketing company and sellers of country to adopt cashless economy.
What is purpose of cashless economy
Economy activities where financial transaction between buyers and sellers are going through online digital payment platform without using cash refers to cashless economy.
Role of infrastructure in cashless economy can be understood after knowing main purpose of cashless economy. Main purpose of cashless economy promoted by many countries government to track and keep records of all financial transactions happening between sender and receiver.
Cashless economy main purpose is to stop flow of all black money or illegal money inside country economy and make financial transactions happening from corner of country more easily.
Cashless economy means payments of different type of financial activities through digital platform.
In cashless economy payment of money between sender and receiver completed within few seconds and money payment can reached from one corner of world to the other parts of world within seconds. Cashless economy from the name it is clear all transactions virtually done without using cash.
Why cashless economy crucial
Modern world economic activities become very fast and advance. Compitition level very high in every field specially in economic fields. Any country economic development in modern world dependent on how advance and faster economic transaction happening.
Country economic growth directly related with role of infrastructure in cashless economy. Cashless economy crucial role in modern economic activities and larger population of world adopting functions of cashless economy.
Role of infrastructure in cashless economy turned out to be crucial in cashless economy because marketing activities inside market become easier and faster in a place where cashless economy infrastructure setup nicely.
How safe is our money in cashless economy
Money kept in cashless economy totally safe because our money converted into digital form. Digital conversion of money means it converted into encrypted coding form. To break this coding very difficult task.
We can put and set digital unique password on our online cashless economy by which only password known person (you) have permission to access your money kept in cashless economy. Security level in cashless economy are top class and if anyone try to break this security can easily track down easily and have to face jurisdiction.
Importance of cashless economy
There are many key importance of cashless economy can be seen in economic development of country. Every country of world must shift to cashless economy due to following reasons.
Every countries of the world spend their lots of money and time in printing of cash on special paper due to this cash printing considered very expensive. Lets take help of example of cash printing expenditure estimated of India. On nearly Rs 32 billion money spent yearly on printing of currency. Later government of country have to spend money on maintaining ATM and banks working.
Cash notes are printed on paper, we know that every paper have its self life. After completing self-life of printed currency it required to replace.
Cashless economy can any time can trace all types of financial transactions done between any two people or more individuals this an another importance in cashless economy.
All illegal activities like hiding transaction for don't paying taxes, no one can store cash at home more then there needs and virtually cash flow maintain in market.
Continue cash-flow inside country market and as well as with foreign countries can only possible in cashless economy results in country economic growth and development.
Country in which regular cash-flow maintained considered as rich country and becoming richer country of the world.
In India many infrastructure setup nicely for digital payment. Peoples of India have now options make payment through e-payment. Here e-payment means electronic or digital economic transaction.
Role can also clearly seen places where role of infrastructure in cashless economy perfectly setup. People living in area of where infrastructure of cashless economy exist prefer comfortable in digital transactions.
Infrastructure in cashless economy role have provided option to Indian people to make payments through UPI (United Payment Interface) and most people prefer to use e-wallet for doing financial transactions in higher speed.
Major important role of infrastructure in cashless economy inside any country for economic development which enforce people of the country to have their personal bank account which is helpful in bringing financial inclusion.
When majority of population of country have their bank account opened then it will bring high financial inclusion rate.
Another importance of cashless economy are that it can keep records of all financial transactions done between any two or more individuals, groups and institutions etc. Keeping qualitative records of financial activities helpful in doing accounting of any business.
Types of cashless economy infrastructure
There are 11 major types of infrastructure of cashless economy. For doing cashless transaction peoples of country can use various types methods and applications.
Cheques and demand draft - Cashless economy infrastructure
Cheques and demand draft are very old tested methods of cashless economic transaction. Both cheques and demand draft are issued for a person, organization and buisness company etc. In case of after issued cheque in limited time period it must deposited in receiver bank branch.
Receiver gets his amount written on cheques after getting clearance from clearinghouse and payment of done through clearinghouse.
Demand draft are another old and effective methods of cashless economy running.
Banking card - Cashless economy infrastructure
Bank issued two types of card to his bank customers according to application of their bank customers. Debit card and credit card are two types of card issued by banks in all world to promote cashless economy.
Debit card and credit are also named as plastic currency. Banking cards issued by banks in all over world clearly seen importance role of infrastructure in cashless economy.
Advantages of using bank card, people can debit card and credit card for doing cashless transaction. Peoples can save information of these bank card details in their online payment apps. Storing information of bank card by people helping them in future doing various types of e-payment.