Cashless Society – Digital Payments, Demonetization, etc.

Main document 2: Governance | Government policies and interventions for the development of various fields, and issues arising from their design and implementation

Now that sufficient time has passed since devilization, it is possible to bring data to specific questions. Has devastation succeeded in making India a "less cash" society?

Many critics believe that one of its goals is to promote greater formalization of the economy and relatedly relate the financial industry more digitally and reduce dependence on cash.

However, the deterioration did not cause a sustained behavioral change in the currency preference, hence damaging the long-term benefits that could arise from the short-term pain of tightening cash.

The graph plots the currency (CIC) as a proportion of broad money (M3) - after that, CIC / M3. All data comes from the Reserve Bank of India (RBI).

Due to the deterioration in November 2016, CIC / M3 plummeted to about 0.08 in one month. This is not surprising if 86% of the currency is completely invalid.

It is not difficult to see this trend. CIC / M3 obviously has returned to its preversion level - in fact it has returned to its initial level

Furthermore, it should be added that failure of demilitarization, which is intended to lose cash society by India, does not necessarily mean complete failure of large scale digital operation.

According to the data, it shows that some elements of digital settlement have been rising since November 2016, but it is unknown whether this represents the continuation of mere trends or the effect of demilitarization.

Based on the analysis, we can not conclude that deionization has failed, although the data shown are still problems and problems.

Narrow Currency (M1): Public Currency + Demand Deposits and Banking System + Other Deposits and RBI

Restrictions on Digital Payment - In Asia cash is more widespread, but people are increasingly looking to a cashless society. In December 2015, the Cabinet of Thailand approved the Ministry of Finance's national electronic payment master plan to promote electronic payment to become a cashless society one day. Today's digital wallet is usually limited to taxi service or purchase price payment and can only be used with supported merchants. For example, Starbucks e-purse can be used to purchase Starbucks, but end users can only do Starbucks. Switching to a bank account or sending to another user is not supported. As technology continues to connect us more, the opportunities and value of mutual trade at home and abroad are rising.

OmiseGO (OMG): The real problem, the real solution - everything you need to know and the reason for eight purchases ($ 74.25 PT)

Recent buzzword about electronic payment and digital wallet caused a new movement to push the current society into a cashless environment. However, in my opinion, the cashless society needs not only financial technology but all forms of innovation, ranging from multiple industries and technologies. Money is deeply rooted in our society and forms an interdependence relationship that spans a wide range of areas of our lives. We need to rethink the system in the sense of a bottomless society. Linear innovation based solely on financial technology is not enough to solve potential problems or to increase the adoption rate of digital payment by society. Volkswagen relies heavily on traditional technology to carry out daily tasks. Because there is no practical solution for a seamless cashless experience this creates great resistance to change.

The absence of cash means "there is no cash", but in today's world, the absence of cash means that it will change from digital to cash. There are many people who believe that cashless society has many advantages, others think the digital society is a curse to society. In this article I will explain the advantages of a cashless society. First of all, it is worth considering that human needs are changing everyday. You can easily check from barter system to cash, but now there is no cash. The advantage of not having cash is that people do not have to always make money. However, the digital society helps users to use plastic cards that are easy to use and do not require cash. It is also convenient to pay the exact amount instead of rounding off the number. For example, users only pay $ 46.30 instead of $ 45.50 or $ 46 instead of $ 45.30.