While no country is entirely cashless, Sweden is widely considered one of the most advanced nations in moving towards a cashless society, with a significant majority of transactions being digital and a declining use of physical cash.
World's first country to have cashless economy
Asked in JPSC CS Prelims 2016 · Topic: Money & Banking (Payment Systems in India: Digital Payments, UPI, and Central Bank Digital Currency (CBDC))
More Economic Development questions
- The Reserve Bank of India released it's vision on 'Architecture of Digital Finance' in a document for Payment Systems on July 17, 2022. In respect of this, which of the following statements are not correct? (i) This is called Payment Vision 2025 document. (ii) This document includes Bigtechs and Finetechs in payments. (iii) It includes introducing Bitcoin currency. (iv) It delinks Credit Cards with the Unified Payments Interface.
- Which out of the following is the largest network of shared ATMs in India, run by the National Payments Corporation of India?
- Which of the following statements is incorrect with respect to TReDS?
- Some suggest that India needs to move to an escrow-based payment mechanism to ensure a fearless business environment in the country. Which of the following correctly describes an escrow account ?
- What are the Forms of Central Bank Digital Currency (CBDC) proposed to be introduced by RBI? 1. Account-based 2. Token based
- Which of the following is a most likely consequence of implementing the 'Unified Payments Interface (UPI)' ?
- Which one of the following links all the ATMs in India ?
- Consider the following statements: The Reserve Bank of India's recent directives relating to 'Storage of Payment System Data', popularly known as data diktat, command the payment system providers that 1. they shall ensure that entire data relating to payment systems operated by them are stored in a system only in India 2. they shall ensure that the systems are owned and operated by public sector enterprises 3. they shall submit the consolidated system audit report to the Comptroller and Auditor General of India by the end of the calendar year Which of the statements given above is/are correct?