Tag: Cashless Economy
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Digital Payments: Why govts do not allow airtime deposits into bank accounts
Transactions made in cash are losing ground to digital payments, and governments around the world are considering the merits of losing paper currency for good, as Bloomberg puts it in a report detailing how close we are to a cashless society. While cash payments are losing grounds to digital transactions, one area that is yet…
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India sponsoring digital transactions to encourage cashless economy
Indian Finance Minister Arun Jaitley, on Thursday announced incentives ranging from 0.75 per cent to 10 on retail-purchase-of-products like petrol, diesel and insurance-products from state-run-companies to encourage digital, cashless-transactions. Prime Minister Narendra Modi scrapped 500-rupee and 1,000-rupee banknotes on November 8 to flush out cash earned through illegal activities, or earned legally but never disclosed.…