Cashless India: Challenges and benefits-GS-3

Greater usage of digital payments will save trillions of rupees for the Indian economy as it will help bring down the cost of cash, according to a report by payments company Visa Inc. Titled ‘Accelerating the Growth of Digital Payments in India: A Five–year outlook,’ the report looks at the challenge of transitioning India to a less–cash society over the next five years and outlines an action roadmap for lowering the cost of cash to 1.3% of gross domestic product from 1.7% now.

Source: Livemint

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