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To boost the move towards a cashless economy, the government has decided to offer incentives and discounts for making online payments. The government is now providing waivers on cashless transactions utilised for service tax payments, purchase of fuel, train tickets, highway toll tickets, and insurance schemes.

To promote digital payments in market areas, awards are given to shopkeepers who are doing well in digital payments. Industries are making payments to their employees digitally.

Provide Incentives For Use. ... Cater To Those With Disabilities. ... Expand The Types Of Transactions. ... Implement Identity Management And Encryption. ... Create A Faster User Experience. ... Include Digital Payment Services In Social Platforms. ... Integrate The Payment Value Chain. ... Support Global Standardization.

A cashless society is a system where all payments and transactions are made digitally rather than using bank notes or coins. Here, people rely on electronic payment methods like credit/debit cards, mobile payments, and online payments for making purchases or conducting financial transactions.

It's more convenient Thanks to contactless and mobile payments, spending money is now more convenient than ever for consumers. Opting to go cashless eliminates the need for shoppers to find an ATM and withdraw cash or head to their bank's nearest branch and wait in line.

Some of the most popular payment innovations include Buy Now, Pay Later (BNPL), Crypto and Blockchain, Central Bank Digital Currencies (CBDC), and Contactless Payments.

More people are using debit cards, bank transfers, and cryptocurrency to pay for goods than ever before. In 2021 alone, there were $989 billion of non-cash transactions, while future estimates predict that $2 trillion of cashless payments will take place every year by 2026.