MUST WATCH : Is India Really Ready to be Cashless…A Reality Check!!!

The discussion on the potential of India’s run for going for Cashless Economy is going on at every platform. 

The question is that – Is India ready for it ? 

Before going for discussion some facts need to keep in mind. 

  1. Population- 130 crore
  2. Aadhar Card – 116 crore
  3. Bank Account – 108 crore
  4. Bank Cards (Debit/Credit) – 110 crore
  5. Mobile – 120 crore

Why these things need to be keep in mind ? 

It is because these things decide whether India is ready for Cashless Economy or not. In the world of 21st century which runs digitally. Now Banking is on mobile. There are two kinds of Mobile System majorly – One is Smart Phones and Other is Normal Phones

Today Banking System is available in both Smart Phone and Normal Phones. All king of Trading can be done very easily by POS Machines. 

All Banks give Mobile applications which can be downloaded easily on mobile, If you want to directly transact through account numbers you can use those mobile application or if you don’t want to expose your account number then you can use United Payment Interface.

Unified Payment Interface is a system that allows money transfer between any two bank accounts by using a mobile phone via Virtual Address.

30 PSB and foreign banks have joined NPCI created Unified Payment Interface.

If you don’t have smart phone and you have a normal phone then also you have solution provided by USSD concept. You just need to dial *99# and then that USSD code runs and open a menu into your phone which allows you to do all kind of transactions through a MMID number. 

Now If you remember the above statistics then you understand Why There is immense potential for India to go for Cashless Economy. 

Other than This there is also a Aadhar enabled payment system condition applied that your mobile and banking account number is attached to Aadhar.

India doesn’t need any infrastructure, What India needs is – Change in attitude,  Change in Mindset.

If you want to make India a developed country, then first we need to make the financial system strong and transparent and in which Government seek your contribution. So People needs to get aware and educate others. 

This Nation will not build, If the people will not participate. 

Watch The Video in which I have explained and appealed for Cashless Economy and India’s potential to achieve this.

Abhishek Kumar