Cashless India online

Cashless India Online
[All with cashless transaction]

Cashless economy is a system where no payments are made using the hard cash or printed notes but the payments are made through debit/credit cards or through the electronic transfers or cashless transactions are made through any mode of cashless mode of transaction.

Taking into consideration the current scenario, India is not ready to go cashless. But it can definitely be a LESS CASH economy.
The government has been making many initiatives to promote Digital India. Direct Benefit Transfer (DBT) , BHIM app, Digi Dhan Campaign, Jan dhan account being the major initiatives taken by the government to promote a cashless economy and cashless India online with all cashless transaction. The goal is to streamline the economy.

Demonetisation being a revolutionary step towards curbing high currency notes. Majority of the population have shifted to digital payments post the demonetisation period.

Inspite of the various initiatives and efforts taken by the government, India as a developing country is facing many problems.

• Around 85% of the transactions are done in cash and that's humongous for changing the left amount to a Cashless India. 

• Moreover, 60% of the population is in rural area which is unaware of the use of computers and cannot afford smartphones and devices. Connectivity is also a problem which needs to be addressedaddressed ans this hinders the cashless India online theme. 

• 90% of the labour market is informal. Which means they rely on daily wages which is heavily cash dependant.

No country is fully cashless country. ‘Sweden’ is closest to achieving cashless society with cash transactions being only 3%.

In spite of some severe socio-economic challenges, India has proved its ability to break through global economy during the past decade. Via technological advancement and government support, it can be concluded that India is gearing up for a digitally enabled cashless economy. It will happen much sooner than what is anticipated, and that too on a significant scale.

When my 60-year old aunt who had never operated her bank account let alone used an ATM, asked me how to use a debit card, I knew the change in mindset is for real. My friend’s mother, for who a smartphone was only meant to read some Whatsapp messages from her daughter in the US (which she would never reply to since she says that she cannot type), asked me if I could teach her how to use the Paytm app.

I remember saying to myself – these were the same people who had earlier warned me against using cards or any digital mode of payment citing security risks of cashless transaction and a full chance of fraud while doing any cashless transaction. What hadn’t happened in two years of Digital India campaign, has happened in just 30 days. We’ve really come a long way in one month.

These signs are visible all across the country – on the streets, in factories, in smaller towns, even in poor households where holding one’s savings in cash is no longer seen as wise. The housemaid now tells me that’s the most foolish thing she did.

It’s quite annoying that even today at Delhi and Mumbai international airports all radio taxi services only accept payment in cash and no way of completion for a cashless transaction. How inconvenient is that for any visitor to the country.

[Source : India Tv YouTube Channel ]

Watch this short video news coverage by India Tv on India moving towards cashless. 

The detractors of a cashless economy say that India’s infrastructure isn’t equipped for a less-cash system. My answer to them is that India missed at least two waves of industrialization by saying that we’re not ready. Consequently, we fell behind many countries of the world. Are we going to miss the digital wave as well?

99% of households in both rural and urban India have at least one member with a bank account, the ICE 360° survey shows.

Some say that change needn’t be so radically implemented. Well, if we were to look back at India's history, the most significant economic change that happened in our country was when we were forced to embark on a path to liberalization to stave off economic bankruptcy. In 1991, many had opposed foreign investment saying that it was too radical a step which would be detrimental for Indian-owned businesses. Had the government of the time listened to those naysayers, we would have never achieved the kind of growth that we did in the last quarter of a century.

Manas Chakravarty, Consulting Editor of Mint captured this thinking very well in his piece titled ‘Narendra Modi’s Great Leap Forward’ in which he gives a befitting answer to the skeptics by quoting Mao Zedong of China – “A revolution is not a dinner party, or writing an essay, or painting a picture, or doing embroidery; it cannot be so refined, so leisurely and gentle, so temperate, kind, courteous, restrained and magnanimous”.

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