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Government of India encourages people to move towards a Cashless Economy. This can be achieved by use of debit, credit cards, electronic payment gateway systems such Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real Time Gross settlement (RTGS) in India.
The advantages to citizens of a country in a Cashless Economy are:
Risk of loss of cash while carrying is avoided
Facilitate exact payment and reduce transaction costs
Convenience in payment and management of utility bills, purchases and other financial transactions.
It helps to authenticate financial transactions and maintain proper record facilitating better tax compliance and increasing tax base.
Digital payments indirectly reduces expenditure by reducing need for printing of currency notes and its transportation
Electronic transactions helps in curbing corruption and black money flow, thereby helping in economic growth of the country
Lesser use of cash prevents money laundering and better tax compliance
Increased tax base would result in greater revenue for public welfare activities.
Indian Railways seeks your cooperation and support in helping the Government and the nation in creating a cashless digital economy.