CURRENT AFFAIRS

Detailed explanation-1: -In other words, the concept of a cashless economy is where the flow of money is facilitated via digital means (mobile wallets, debit cards, credit cards, or net banking) without using cash. Thereby, the types of cashless economy in every country will be based on the dominant digital payment method used in the country.

Detailed explanation-2: -A cashless economy is one in which digital transactions such as net banking, mobile banking, digital wallets, debit cards, and credit card payments replace traditional methods of payment such as cash or coins.

Detailed explanation-3: -The cashless economy in India is the digital flagship program developed by the Indian Government for transforming India into a knowledge economy and digitally empowered society.

Detailed explanation-4: -With this in mind, the initial forms of cashless payments developed in the second half of the 12th century. These were introduced by Genoese merchants at the “Champagne Fairs”, which were of major importance for European trade in the 12th and 13th centuries.