After demonetisation we have witnessed great change in transactions of money, yet it is true that after the old legal tender note ban, people are more inclined to use cash less apps. In fact vertical progress in the usage of Apps, many new Apps have come up and launched further numerous are in pipeline. The cash less system is adopting by most of the people who belong to different market and domain. For understanding, from farmer to a tea stall owner is becoming the part of cash less revolution. Well there is long way to go yet, but the beginning we can watch at current.
It is seen that before demonization the country was carrying 2 % of cashless transaction, but after the old currency ban, it has rose to manifolds therefore it is a good indicator of change.
Let us have the cashless app availability. The proactive initiative is started by banks too, as most of the banks are having cashless app and other banks too would like to rollout their App in view of getting more customer engagement.
State Bank of India and BSNL together launched Mobicash, since State Bank of India (SBI) is largest bank in India with its customer base and branches. They must get into the cashless uprising. ICICI bank is the India’s largest private bank, they have launched Eazypay. YES bank has SIMse Pay. There are other major players like Paytm , Payse, Mobikwik Lite also having great customer base.
Payments via Internet Banking, USSD, E-walled, UPI (Unified Payment Interface), debit and credit cards have risen to a major level.
When all banks and solution providers are joining the automation, government also, has taken steps to endorse digital payments to erase the black money amount. Prime Minster Modi launched BHIM (Bharat Interface for Money) to gear up mobile payment App. BHIM is USSD and UPI based mobile payment transaction App.
UNI is a single window mobile payment system, someone can use it for sending and receiving of money using smartphones via a single identifier which may be email ID mobile number or Aadhaar number. In this user do not need to put all bank details.
Every effort in direction of making economy cashless is getting potential. This is gradual process even though every change takes time to build the outcome. Cashless economy will turn into great advantages, in shape of black money out, development in country.
By: Ashu Bisht