ipl-logo

Electronic Payment System Essay

932 Words4 Pages

3. Demonetization, Digital Payment Systems and Malerba’s Framework on Sectoral Innovation System
Demonetization is the act of stripping a particular form of currency unit from circulation and its status as legal tender. Demonetization becomes necessary whenever there is a change in the national currency. The current form or forms of currency in circulation is pulled from the circulation often to be replaced with new form of currency. This may involve introducing new currency either with the same denomination or with completely different denominations. [8]. Demonetization is not new and many countries around the world has taken this economic step to ban some form of currency in circulation making huge amount of cash useless overnights due to plethora of reasons like fighting counterfeit currency, limit …show more content…

In digital payments, both payer and payee use digital modes to send and receive money and no hard cash or any other physical mode of transfer of money is involved. It is also known are electronic payment system. It is an easy, fast and convenient way to send and receive money [10]. There are different types of digital payment systems utilizing different modes of connectivity like payments through mobile may happened utilizing GPRS (internet) connectivity or through GSM connectivity, payment through E-Wallets or payment through usage of cards like Credit, Debit or Prepaid Cards.
The approach of innovation systems, and in particular sectoral innovation system, provides understanding of the interactive and collective nature of innovation, and describes the role of various actors, information, knowledge, and interactions among agents involved in the process of innovation. However, according to Malerba, sectoral innovation systems are highly localized and are evolved under the influence of regional economic conditions [11,12].
4. Role Played by Indian Government to promote Digital Payment

Show More
Related

  • Essay On Are Pennies Worth Minting

    783 Words  | 4 Pages

    All in all the penny should not be printed anymore because they cost more to make then they have value, then they are a waste of time as in counting the, and finally reason is that pennies are losing the government money. A reason pennies should not be minted is because the penny costs more to make then it has total value. As stated in the text,” Because the penny costs more than a cent to produce, the Treasury loses more than $100

    Read More

  • Federal Reserve Act Dbq

    554 Words  | 3 Pages

    Toward the end of 1861 using specie payments were not allowed, which meant that paying in gold or silver was no longer acceptable. That left people having to pay only in paper currency. To add to the matter, the Government issued the Legal Tender Act after payment in gold or coins was banned. This caused banknotes to count for most of the currency. The National Bank Act brought financial stability to the nation, but failed to solve the nation’s financial issues.

    Read More

  • Examples Of Synthesis Essay About Pennies

    511 Words  | 3 Pages

    First, over 700 million dollars is being lost per year just because of the time wasted counting pennies! Imagine you want to buy a nice TV that costs a thousand dollars and you’ve been saving up pennies for awhile now and you think you have enough. You get to the checkout aisle and you sit there for 30 minutes counting all your pennies making a bunch of people angry because they have to wait in line behind you while you count them all. You could get out of that store way faster if you counted nickels or quarters instead of all those pennies.

    Read More

  • The Pros And Cons Of Abolishing The Penny

    424 Words  | 2 Pages

    "Abolish the penny? " This is a question that has frolicked around the economic scene for decades. Advocates of abolishing the penny call upon claims supported by faulty evidence, for instance, "Two thirds of [pennies] immediately drop out of circulation" (Source C). This claim is fatally misleading as studies have been conducted to show that "the annual rate pennies dissappear from circulation is surprisingly similar to all other forms of coinage -- around 5.6 percent" (Source C). So why should we, as Americans, abolish something as symbolic to our national heritage as the penny, without proper reasoning?

    Read More

  • Abolish The Penny Essay

    841 Words  | 4 Pages

    This scandalous coinage, also known as the penny, is a lousy excuse for a currency and should be abandoned. The penny costs the American people precious time and money as they attempt to scour through their purse or wallet just for a 1 cent coin, which is having devastating effects on the economy. The obvious solution to this ordeal is removing the penny and rounding all prices to the nearest nickel. On the other side of the argument, people view this as an opportunity for businesses to charge extra for a product or service that you originally would of although, there is simply no hard defining evidence that this would even occur. With everything considered, the penny is a nuisance to society as a whole, we need to abolish it before it creates

    Read More

  • Should The Penny Be Banned

    279 Words  | 2 Pages

    Through my research I have come to the conclusion that the penny should not be ban. If we ban the penny prices will go up, future generations won't know about the unique culture with the penny, and there can be ways to fix the penny so we can keep it. To begin, we need to keep the penny because if we don’t prices will go haywire. There will be price rounding which can not be done fairly (Mancuso).

    Read More

  • Pros And Cons Of Pennies

    402 Words  | 2 Pages

    ”-Kashmir Hill,The future of money. This proves that it costs more money to make the penny than it’s actual worth. The united states is losing money every time we produce one of these things. Stopping the production of these might not solve the country 's debt problem but it would at least help. ”A 2007 article in the New York magazine

    Read More

  • Essay On Self Checkout

    773 Words  | 4 Pages

    Self-checkout is one of the quickest and efficient machines invented. They are getting more popular in stores as the days go on. These machines may seem like a good investment but in reality they are not. Automation in stores are costing people their jobs. Automation first started to come about in the 1930’s to about 1947.

    Read More

  • Why Are Pennies Useless

    742 Words  | 3 Pages

    Because they are useless. Three reasons why they are useless is because, it's more convenient to use paper money, now and days there is nothing you can buy with a few pennies, and last they cost more than they are worth. To start off, if you were put in the situation where you bought a few items from the grocery store and your total came out to be $11.16 cents. Would it be easier to hand the cashier a ten dollar bill and a one dollar bill.

    Read More

  • Argumentative Essay On The Penny

    701 Words  | 3 Pages

    “ The U.S. is among the last of the industrialized nations to abolish the peskiest little bits of coinage” (Source C). More and more counties will soon join in on the laughter as they dismantle their low value coins. It would be a different story if we used the pennies. Only about one-third of the pennies are in circulation, the other two-thirds of them are hiding in our chair cushions (Source C). Not only is the government losing money from the missing two-thirds, but it is also wasting money on workers.

    Read More

  • Mark Lewis's Argument Essay: Banning The Penny

    589 Words  | 3 Pages

    The penny is the Unites States’ lowest denomination coin, and there are some people who believe it should be abolished. On the other hand, there are people who advocate for the penny to keep its place in our economy and I couldn't agree more. The penny may be annoying, but it plays an important role in our economy, is popular among most people, and is an important piece of symbolism. Some say that the penny is completely useless, and though it may seem that way, the penny is probably way more important than many people realize.

    Read More

  • Synthesis Essay About Pennies

    532 Words  | 3 Pages

    We believe that pennies should be eliminated from U.S. currency because they cost more to make than they are worth, a large number of countries have already rid of the penny with great success, and there is already a system in

    Read More

  • Abolishing The Penny Makes Good Sense By Alan Blinder Analysis

    471 Words  | 2 Pages

    Alan S. Blinder presents in this article, “Abolishing the Penny Makes Good Sense” argues that the penny should be abolished because the penny is just a waste. Blinder supports his argument by listing and describing several problems that the penny causes. The authors purpose is to persuade the reader to agree with him to get rid of the penny so that the congress would not be wasting so much money into a penny. The author writes in formal tone for a neutral audience because it is not direct nor indirect to anyone in particular.

    Read More

  • Why The Penny Should Be Retired

    489 Words  | 2 Pages

    Another piece of evidence I have is that in Canada the Canadian senate committee held a meeting on whether the penny should be spared and if they did think that it should be spared to come forward to say why. No one came forward and said why the penny should be spared. My last piece of evidence is that already some countries have already the retired the penny. Those countries made a smooth transition in retiring the penny and that the people were okay with it.

    Read More

  • Pennies Should Be Eliminated Essay

    521 Words  | 3 Pages

    First, pennies should be eliminated because of how much it cost make them. For example, “taxpayers lost 60.2 million dollars on the production and distribution of the coin. Many people are saying that the number of cost for the penny could increase in the upcoming years. Also,”the economy has changed so had the value of the coin.” But the penny is worth too little for for today's economy.

    Read More

More about Electronic Payment System Essay

Open Document