Cashless Economy - Better Digital Security

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Cashless Economy - Better Digital Security

Generally, a cashless economy simply means buying and selling without paper currency. The belief behind calling it plastic money is that all the means by which payment is made, are made of plastic. Out of these, everyone is familiar with ATMs, credit cards. The credit card is given to the person by the concerned bank where a credit limit for shopping or withdrawing cash is given to the customer.

Similarly, the debit card is given to the person who gets the right to debit against the bank for any reason. An ATM is the tool through which currency can be withdrawn from that machine. It is probably needless to mention that this tool feeds one or more identifiable measures to identify the account holder or multiple ATM holders and the amount in the account. The withdrawal limit is set from there, the withdrawn amount is marked on the screen of the machine installed there. After that, the machine does its work and withdraws the prescribed amount. Nowadays the trend of PSP apps is also increasing rapidly under which, the UPI machine is installed at the place of payment acceptors through which the payment can be made up to the prescribed amount. This tool is generally kept in banks for the convenience of small payers. Such machines will be found in large malls, department stores, large retail outlets, and almost every place where there is a need to make any transaction.

Now these UPI machines are also being modified in such a way that payments can be made to more than one vendor. If this happens, Indian society can continue to move slowly towards a cashless system. Now in this era of development and expansion of technology, every problem that persists in digital transactions can be solved through technology.

In such a situation, now 'Aadhaar', to which more than 99 percent of Indians have been linked, is also being linked to this process. More important than this is the fact that a person who does not know how to sign can be operated only with a thumb impression. Naturally, in this system, 'Aadhaar' also has to be linked with the relevant number, office, etc.

This work can be done in the same way with a normal mobile phone. It is clear that in principle, government technologists have proved that already 6 lac transactions are being done cashless in the country every day, 33% 'Aadhaar' is connected to it, in a short time the related machines are in the country as per the requirement. It may not be wrong to say, all the people are ready to learn everything for this and there is a complete system of spreading awareness about such modes of transactions.

The reality related to this can be discussed only when there is an objective analysis of the harsh realities of our economy. The figures, assurance, positivity, that are being displayed have little to do with the ground realities.

It has to be recognized that America, the world's most developed country, is not completely cashless, as no country expects such. The point is that the Indian economy could survive the 2008 global recession only because of its 'cash system'.

So many Payment network systems are currently active for digital transactions and Zambo is one of them. Zambo is a highly 3D- secure payment network portal that provides its users the facility of prepaid recharge, DTH recharge, Best fastag recharge, Electricity bill payment, etc. Using payment network portals and PSP apps for digital transactions has made a revolution in the world of digital transactions.

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