Just a day before Google launched its digital payment app “Tez”. It clearly signifies that even google wants to help the digital India initiative.
It was 8th November 2016 when the one decision taken by our government changed the life of Indian people overnight. Yes, I am talking about Demonetisation. Although our people were affected a lot, it was a great step taken by our government towards the development of Indian economy. It gave birth to a new era called “Cashless India”.
What is Cashless India:-
It is a mission launched by the Government of India led by our honorable Prime Minister Mr. Narendra Modi to reduce the dependency of Indian economy on cash and to make our future free of black money and other illegal trades. It is a step to build a modern and transparent India.
Through this system, we can pay and receive money, purchase things, pay bills easily through credit cards, debit cards, e-banking, e-wallet etc. Moreover, we can say all the transactions can be done through electronic media, which replaces the use of coins and currencies and the barter system in rural India. Banking cards, USSD, AEPS, UPI, Mobile Wallets, Banks Pre-Paid Cards, Point of Sale, Internet Banking, Mobile Banking, Micro ATM’s are the mediums which promote the cashless economy.
Different online apps like Phone-Pay, BHIM etc. are helpful in online transactions. Through BHIM (Bharat Interface for Money) app money can be transferred between different bank account. Transactions on BHIM can be done 24/7 including weekends and bank holidays. Nowadays PhonePe becomes 1st apps of making online payments (cashless), based on the government-backed UPI platform.
The whole world is moving towards becoming a cashless society. Countries like Sweden, Norway, Denmark, Belgium etc. are the countries which have been following the cashless system. One of the biggest benefits is, this system will put a control over criminal activities like pickpocketing. This enables us to do the financial transactions easily. It can reduce the cost of printing and circulating currencies. In digital transactions, we can view the history of the expenses at one go which helps us to manage our budget easily.
Initially, it may be tough for us but eventually, it will become easier to deal with the cashless system. This is going to be quite easier with the help of JAM(Pradhan Mantri Jan Dhan Yojana, Adhaar, and mobile) which is ensured to each citizen of India by the central government. Banks and Post offices are also trying to support this system.
Presently India’s GDP is around $2.3trillion(fiscal 2016-17), it stands at the 5th spot in the global ranking. It is going likely to overtake Japan and Germany as the 3rd largest economy in the next 10 years.(Source-The Hindu). Now it’s our turn to contribute to creating cashless India.