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International Journal of Trend in Scientific Research and Development (IInternational Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456JTSRD) ISSN: 2456-6470 | IF: 4.101

business transferring funds from one account to usiness transferring funds from one account to
e. Banking Automated Clearing SystemBanking Automated Clearing System b
another account with lessenother account with lesser cost
f. Clearing House Automated Clearing SystemHouse Automated Clearing System a
g. Electronic Data Interchange
h. Electronic Clearing Service Disadvantages
i. Smart Cards 1. Difficult to adopt: The digitalization has needed Difficult to adopt: The digitalization has needed
j. Debit And Credit Cards knowledge of use of new banking facilities and nowledge of use of new banking facilities and
k
k. New Apps Like Bhim, Phonepe, Google Like Bhim, Phonepe, Google Pay Etc. t there is the problem of literate the people.here is the problem of literate the people.
2. Security Problems: Cashless transactions are Security Problems: Cashless transactions are
Advantages of Cashless Transactions f facing security problems due to the virus acing security problems due to the virus
Rapid changes in digital area number of advantages Rapid changes in digital area number of advantages problems.
are available to all the people are as under:are available to all the people are as under: 3. More work and stress: Due to the shortage of More work and stress: Due to the shortage of
e
1. Easy to payment: it creates awareness among the Easy to payment: it creates awareness among the employees, employees are put under heavy work mployees, employees are put under heavy work
people to pay any king of bill through electronic people to pay any king of bill through electronic t to manage the customers and transactions.o manage the customers and transactions.
devices by using their secret code to pay easily devices by using their secret code to pay easily
their bill leads to reduce the labor and cost.their bill leads to reduce the labor and cost. F. Conclusion
2. Riskless business and no tension: by using proper s and no tension: by using proper It is time to show the caliber of digitalization system It is time to show the caliber of digitalization system
code and password in right direction to fill all the code and password in right direction to fill all the to boost the economy of the nation in the international the economy of the nation in the international
information neatly. No doubt no risk to anybody information neatly. No doubt no risk to anybody level. Effect of demonetization disturbs the mind of level. Effect of demonetization disturbs the mind of
and same time avoids the security problems easily.and same time avoids the security problems easily. the people in shorter period but it provides positive the people in shorter period but it provides positive
3. Reduce the cost of printing the notes: the problem Reduce the cost of printing the notes: the problem energy to the society to adjust the new system energy to the society to adjust the new system
of security and cost can be reducing by using t can be reducing by using banking transactions. Governments are trying to banking transactions. Governments are trying to
cashless transaction. The cost of printing notes RS cashless transaction. The cost of printing notes RS provide necessary plans and police time to time than it necessary plans and police time to time than it
2700 Cores in the year 2015 it is shows that 2700 Cores in the year 2015 it is shows that is possible to build strong economy for smooth is possible to build strong economy for smooth
printing cost is very high. r running the banking activities.unning the banking activities.
4. Reduce the crimes: the time has to be come at the Reduce the crimes: the time has to be come at the
door level to reduce the crime rates by using door level to reduce the crime rates by using References
digital system in cashless business can reduce the system in cashless business can reduce the 1. Yojana Montly Magzine (Kannada) Feb 2017.Yojana Montly Magzine (Kannada) Feb 2017.
misappropriation of using or managing the misappropriation of using or managing the 2. Demonetisation and its effects on banking sector and its effects on banking sector
financial transaction.
by Dr M. P rabhu ISOR, Jounal of M. P rabhu ISOR, Jounal of Business and
5. Reduce the Demand and collection: cashless Reduce the Demand and collection: cashless
Management April 2017.
transaction reduce the demand of notes and transaction reduce the demand of notes and
keeping huge amount in the bank. The circulation keeping huge amount in the bank. The circulation 3. Lokesh Uke (2017) DemonetizationDemonetization and its effects
of the money can be done only through cashless of the money can be done only through cashless in India International Journal of Economics and Journal of Economics and
Management Feb 2017.

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