Cashless India : Challenges & Opportunities
Journal Title: Advance Research Journal of Multidisciplinary Discoveries - Year 2017, Vol 19, Issue 19
Abstract
As Indians queue up for cash in banks and ATMs, the question of whether India will successfully transition to a cashless economy stays strong in our minds. A cashless economy is one where cash flow is minimal or non-existent. In a cashless economy, electronic channels like a debit card, credit card, electronic merchants, payments such as IMPS are the mode of transaction. India has been a cash-dependent economy, with 97-98% of all transactions still in cash. Only half the nation’s adult population i.e. around 233 million, possess a bank account, a precursor to a cashless economy. Most retailers don’t accept cards or don’t have the infrastructure for online payments limiting the ability to use cards. Bank accounts or online banking are not of any use even when people have access to it if retailers want the payment in cash bank accounts or online banking are of no use. After the news of demonetization, the online payment services went into advertising overdrive, bombarding the media with ads to move onto online platforms. But wealthier urbanites or younger generation used most of the services. India being an agrarian economy we have to take them into consideration too. Banks are still doing poorly in rural areas. According to World Bank, there are only 18 ATMs per 100,000 citizens in India, compared to 129 in Brazil. Only 17 percent have smartphones and 22 percent use the Internet according to a Pew Research Center report.
Authors and Affiliations
Mr. Mangulu Charan Das
Keywords
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