Digital payments- beginning of unfair banking practices
Govt. of India came out with an idea to encourage Digital payments. The digital payment has an exponential growth during demonetization as the legal currency of denomination of Rs. 500/- and Rs. 1,000/- was withdrawn overnight to be replaced with new currency of denomination of Rs. 500/- and Rs. 2,000/-. All of a sudden the citizens were deprived on even meeting their daily needs and hence the digital payment industry saw the boom during demonetization. It is alwayz better to use digital payments as one get rid of carrying on cash in the wallets. The other advantage could be security and safety of both notes as well as that of the person carrying the currency. Ideally the use of digital payment does not only address the security issue but it is also cost effective. The perceived advantage in the digital payment process could be less operational cost for both merchant as well as Government and Banks as well as: 1. Less cost towards printing and distribution of currency at t...