It is more than 5 months after that dark night for so many big whales in India who had not got the chance to cleanse themselves from the black! But when we see it now, it has had a very positive impact with regard to digital transactions. Since demonetization, we could see boards written like “we accept all types of debit/credit cards” “we accept Paytm here” etc.
When see the data provided by NITI Ayog, it is clear that the reluctance of people towards digital transaction has reduced drastically and many people have adopted themselves for e – transactions and m – transactions. Since demonetization, digital transactions have increased 23 times by end of March. Nearly Rs. 2,425 crores of rupees were transacted among people through 64 lakh digital transactions.
Comparatively, when we see the pre-demonetization era, only 101 crore Rupees were transacted through 2.8 lakh digital transactions. That actually means, the impact of demonetization is significant and probably it would not have been achieved without a strong divisive leader.
Along with other digital means, one of the innovative ideas of the Modi government towards transactions is payment through your finger print! A person can pay a seller through his/her fingers even if he has no cash, no wallet, no credit/debit card. According to the official data, payment based on Aadhaar has also got doubled from 2.5 crore to 5 crores.
With more and more incentives to use digital modes for payments and receipts, there is no doubt that the government can make India a less cash economy very soon. Meanwhile, it is important for the government to ensure security of digital payments from hackers and other cyber security threats. In the recent Union budget, Honorable Finance Minister Arun Jaitley had announced about forming a Computer Emergency Response Team for Financial Sector (CERT – Fin). That is the need of the hour.
With increasing number of digital transactions, the amount of black money that may be generated in the post- demonetization period, will reduce to a very good level.
As Prime Minister Narendra Modi has been giving a call for youth to empower elders towards digital payments, it is the responsibility of the youth to contribute towards it.