Cashless economy and its impact on information technology

Cashless economy and its impact on information technology


In cashless economy every monetary transaction will be done through electronic channels like EFT, mobile fund transfers, ATMs, E-banking etc. In this money will be not travel physically for any transaction. So the financial system will be totally dependent on information technology because payments will be done electronically.
For a country’s socio-economic growth and development information technology plays an important role because future of service industry is in the information technology. Because of information technology the cost of bank will reduce that will result in lower service charges for customers. Recycling and production of new currency notes will be reduced and cash related crimes will also be reduced.
Though there are some issues which should be taken care of like power supply as it effects electronic transactions and electronic devices should have power backup, workforce has to be replaced by machines and users should be charged minimal for electronic transactions, and public acceptance is the main thing.
Like any other network hackers will definitely try to exploit the systems. So there is a need of clear and strict of the cyber laws.

Awareness campaigns could be run all over India so that people do not take it as a threat rather they should be made aware about the technology and cashless economy.

“Why rely on your bank, when you can bank on Aadhaar! Now link your Aadhaar card with your bank account.

“My mobile…my bank…my wallet,”-PM Narendra Modi

Author: Neha Jain