Open AccessDigital/Cashless Economy: The Changing Landscape of India
Author(s) -
Shivangee Kumar
Publication year - 2020
Publication title -
international journal of research in engineering, science and management
Language(s) - English
Resource type - Journals
ISSN - 2581-5792
DOI - 10.47607/ijresm.2020.306
Subject(s) - cash , payment , marketing buzz , debit card , atm card , business , mobile payment , cash management , commerce , credit card , payment service provider , finance , advertising
Digital/ Cashless banking has become talk of the town recently. People are opting for digital payments using mobile applications/wallets instead of cash and GOI/RBI is also promoting it through various schemes and incentivisation. This mode of payments has actually changed the dynamics of consumer and corporate relationships with their banks. Now, instead of taking out cash from our wallets, we open our mobile wallets to make payments or transfer money to someone. We do not wait for the bank branch to open and stand in long queues for getting our cash deposited in account neither we wait to withdraw cash. Likewise, we do not count cash at shopping counters and make the payment in a flash using our debit/ credit card. All this is possible because of the innovation in IT and its optimum utilization by our banks. The present paper will give an idea about what is this buzz word “Digital/ Cashless Banking” and how has it changed the banking relationships these days.