CURRENT AFFAIRS

Detailed explanation-1: -Targeting small and medium merchants of Tier two and three cities, payment technology major Mastercard launched its flagship ‘Team Cashless India’ campaign in the city to boost digital payments.

Detailed explanation-2: -Mastercard, as an extension of its flagship campaign ‘Team Cashless India’ along with State Bank of India Payments partnered with the in Lucknow, Guwahati and Varanasi.

Detailed explanation-3: -The government’s demonetization initiative taken in 2016 paved the way for a cashless economy in India. Soon after, when the world was grappling with the pandemic, the government launched Unified Payment Interfaces (UPI) and rapidly established e-payment startups.

Detailed explanation-4: -Mastercard ambassador MS Dhoni launches ‘Team Cashless India’ to push digital payments.

Detailed explanation-5: -Early ideas of a cashless society were expressed by Edward Bellamy in his novel Looking Backward. The trend towards the use of non-cash transactions and settlement in daily life began during the 1990s when electronic banking became common.