“ In India, cash still serves as the default basis for various...

“ In India, cash still serves as the default basis for various forms of transactions. Ultimately, it retains significance within the payment infrastructure. Individuals still retain cash due to increasing unpredictability in economic and financial circumstances. Holding cash is paramount to preserving an asset that provides a sense of security, offering a readily accessible and highly liquid asset.

The unprecedented growth in the use of digital payments witnessed in India is remarkable.

So far, no country has observed such a successful implementation of the digital payment vision, however, India still needs to adopt multifaceted strategies likefirstly,bringing amendments to the existing laws for a better implementation of the vision 2025 as both are intricately connected,secondly,cooperation between regulatory bodies, financial institutions, and technology firms to create secure and convenient digital payment platforms,thirdly, funding for cybersecurity, financial literacy and digital infrastructure projects, andlastly, India’s shift to a cashless economy can be accelerated by removing access hurdles and offering tax benefits to encourage digital payments, which will foster financial inclusion and economic growth.

Since, there is an age-old adage that “precaution is better than cure,” and it has become evident that we have not taken sufficient precautions. Therefore, a cure is needed before we can turn the vision of a cashless society into a reality. “

Read more here if you like … https://www.legal500.com/developments/thought-leadership/indias-payment-vision-2025-towards-digital-payment-a-legal-study/

Cheers Anton