Does it mean the country will be broke with no money? Or does it mean something else?
Well, going cashless actually refers to going digital. Payments are made online, through cards and other sources over the internet. Transactions are all done over the internet to avoid hard cash transactions. This not only lowers black money, corruption and such issues but also helps a nation handle its resources well.
A lot of countries in the world have gone cashless; Canada out of these tops the list, with most of its citizens owing more than one credit card. And majority of payments are made using cash less methods. In Sweden, 59pc of consumer transactions are completed through non - cash methods, and 47pc of citizens are aware of the types of mobile payment services available to them, making it the second most cashless country in the world. The third place is bagged by the UK in ditching cash.
India with its recent demonetization is moving towards going digital and cashless. Goa became the first State in India to go cashless in 2016 and Karang, a small lake island in Manipur, has become the country’s first cashless island. India will be a cashless society soon with at least 75% of its transactions being made without cash.
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