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Cashless India – Country without Blackmoney

No Cash - Go Digital
No Cash - Go Digital

Cashless India – Country without Blackmoney : Only cashless transactions is the best way to reduce blackmoney and boost our economy GDP.

Every Indian believes that there is lots of Indian currency is in foreign Bank in the form of Blackmoney which is very dangerous for Indian economy so cashless India means country without blackmoney.

Currency of any country is like backbone and you know importance of it.

As an Indian if we want to contribute a great value in Indian economy then we all have to rethink the power of cashless India and this is the only way to avoid marketing of selling drugs, Breaking Bad fans, terrorism, fake currency, corruption and endless counts of blackmoney. here is the advantages of cashless transactions:

  1. Cashless transactions would reduce corruption.
  2. It will work like a booster in Indian economy.
  3. Cost of paper money, security and movement expenditure will be reduced which is very high.
  4. No cash means No tree will be cut for printing paper money so our nature will be safe.
  5. 100% fake currency will be stopped means no illegal activities, no terrorism.
  6. Feel safe at any time any where.
  7. Tax evaders can’t hide their income.
  8. Tax payers will increases means tax rate will be reduced.
  9. You can track your expenditure time to time and also, can manage your budget.
  10. Cashless transactions will help to understand our Government what sectors are growing and where support is needed.
  11. If money will be in bank so government can take initiate towards development.
  12. No hassle to carry cash and less risky.
  13. Circulation of Money will become more smooth and easy.
  14. Cashless transactions means more reward points on shopping so no need to focus on bargaining.
  15. Parents can keep eyes on their children’s transactions which is very important.
  16. Everyone will get loan within couple of minutes.
  17. Exact amount can pay off during shopping without worrying about the change.

If you want to make it cashless India – Country without blackmoney then you have take a look into below E-Wallets list and make  habit to use it and here is the list of –

Cashless India - Country without Blackmoney

Digital Payment Methods –

  1. Banking Cards
  2. USSD (Unstructured Supplementary Service Data)
  3. AEPS (AAdhar Enabled Payment System)
  4. UPI (Unified Payments Interface)
  5. Mobile Wallets
  6. Banks Pre-paid Cards
  7. Point of Sale
  8. Internet Banking
  9. Mobile Banking
  10. Micro ATMs
Digital Payment Methods
Digital Payment Methods

List of top E-wallets in India –

E-Wallets Total Downloads Total Users Rating Business Nature Services Tagline
1. Paytm 50 Million 2, 205, 431 4.4 Shopping Accept Payments, Send Money, Online Recharge, DTH, Bill Payment, Shopping
2. Freecharge 10 Million 902, 749 4.3 Shopping Instant Mobile Recharges, Bill Payments, Wallet Payments, Cashless Transanctions
3. Mobikwik 10 Million 552, 975 4.2 Lifestyle Fast Oneline recharges, Bill Payments, Bus tickets and shopping
4. JioMoney 10 Million 47, 880 4.2 Finance Mobile & DTH Recharhe, Bill payments, Online & In-shop payments, Gate coupons
5. State Bank Buddy 5 Million 59, 554 3.9 Finance Mobile Wallet Application to enable anywhere, Anytime payments to anyone
6. ICICI Pockets 5 Million 104, 003 4.1 Finance Wallet with free VISA card to send/ receive money and pay UPI, NFC & QR Code
7. Oxigen 5 Million 63, 958 3.7 Shopping Money transfer, Bill Payments, Mobile Recharge
8. BHIM 5 Million 169, 113 4.0 Finance Cashless trasanctions, Mobile Recharges, Send/ Receive Money
9. HDFC Chillr 1 Million 35, 705 4.4 Finance Discover the next generation of Mobile payments
10. PayUMoney 1 Million 24, 501 3.9 Finance Recharge DTH, Datacard, Pay electricity and Gas Bills
11. HDFC PayZapp 1 Million 74, 083 4.0 Finance Recharge, Bill payment, mVisa, shopping, movies and more in one click
12. LIME 1 Million 11, 690 3.6 Finance Shopping, Banking, Recharge, Make payments and Track your expenses
13. Ola Money 500 Thousand 7, 085 3.2 Finance Payments, Wallet & Recharge, Smartest Way to Pay
14. Citrus Pay 100 Thousand 5, 678 3.9 Finance Send/Receive & Pay money with smartphone, in a Flash!
15. Momoe 100 Thousand 4, 380 4.3 Lifestyle Pay with Your Mobile when you eat, shop and commute in Bangalore & Pune
16. MoneyonMobile 100 Thousand 2, 190 4.0 Finance Money transfer, Bill Payments, Recharge
17. Mswipe 100 Thousand 2, 070 4.1 Business Mswipe universal merchant App (Works with all Mswipe terminals)
18. PayMate 5 Thousand 110 4.1 Business Bill Payment, International Topup, Vouchers, iTunes, CashU, PlayStation, Stream, Wallet

Here is the list of cashless countries worldwide –

Cashless India - Country without Blackmoney

Country Name Rank Percentage of Cashless transactions
Singapore 1 61%
Netherlands 2 60%
France 3 59%
Sweden 4 59%
Canada 5 57%
Belgium 6 56%
United Kingdom 7 52%
USA 8 45%
Australia 9 35%
Germany 10 33%
South Korea 11 29%
Spain 12 16%
Brazil 13 15%
Japan 14 14%
China 15 10%
India 2%

After seeing the above data, we must to say cashless transactions can boost Indian economy.

Here is the list of top 10 countries worldwide having blackmoney –

Rank Country Name Black money (In Billion) GDP Growth Rate Business Tax Rate
1 China $2740 8.6% 29.4%
2 Mexico $476 3.7% 30.5%
3 Malaysia $285 4.6% 24.5%
4 Saudi Arabia $210 5.5% 14.5%
5 Russia $152 3.9% 24.1%
6 Philippines $138 3.7% 30.0%
7 Nigeria $129 6.7% 33.8%
8 India $ 123 6.5% 34.6%
9 Indonesia $ 109 6.5% 34.5%
10 United Arab Emirates $ 107 4.9% 14.9%

 As per the data, India is in list of top 10 black money holder countries which is very sad news for any county.

Cashless India - Country without Blackmoney

Drawbacks and hurdles in implementing cashless transaction in India –

  1.  70% population are living in rural areas so they don’t know how to use cashless transactions.
  2. Infrastructure and Network connectivity is still a problem in rural areas so we can’t expect more cashless transactions before resolving such issues.
  3. People will not choose cashless transactions until merchants will not accept it.
  4. Every transactor need a hardware that operates in his/her mother tongue so basic coaching need to use it.
  5. There might be chance of hacking people’s accounts so they are afraid about it.
  6. Most of the merchants and customers don’t have bank accounts.

Its a great initiative by governments of India so its our responsibility to take an individual steps towards cashless transactions. Let’s start cashless transactions and make most powerful cashless India – Country without Blackmoney across the world.

Source : worldblaze.in , cashlessindia.gov.in

Vinod.

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