Photo: Ramesh Pathania/Mint
Photo: Ramesh Pathania/Mint

Cashless India: Challenges and benefits

Greater usage of digital payments will save trillions of rupees for the Indian economy as it will help bring down the cost of cash, says a report by payments company Visa

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.

Also read: The biggest enemy for us is cash: Visa’s T.R. Ramachandran

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