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Currency strike movement – India moving from cash to cards!

chandrababunaidu

While most of the transactions in the western countries happen on cards, India depends mostly on cash based transactions. In USA, credit history was taken into account for the interest rates on loans and this depends on the credit card transactions and payments. But in India, usage of cards is minimum compared to cash based transactions.

With the currency strike movement, India is moving from cash to cards. Majority of the street vendors are accepting card payments and few of them were using Paytm. The usage of these cashless methods were increasing day by day and AP government decided to go for complete cashless methods. As per the information, Chandra Babu Naidu instructed all the departments to make cashless transactions.

Chandra Babu mentioned that the RBI released 2000 Crores of currency into the banks on Sunday and reduction of cash based transactions in government sector will make the cash available for the common people.

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