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With the agenda of demonetization, boosting digitalization in India was also a major part along with the curb of black money. Going cashless is one of the major parts of economic news in India nowadays where the adoption of digital payment is taking a very furious pace. The economic news has started talking more about the benefits of cashless India.
India suddenly removed 86% of its currency from circulation even when there was not an adequate supply of new notes. During this time online payment options were used widely all over the country. Along with this due to the demonetization and implementation of goods and services tax (GST), India’s GDP in 2019 fell from 8% to 4% just before the Covid pandemic hit the country.
What are the benefits of going cashless in India?
The economic news in India represents that cashless payments are widely adopted and have been the most common mode of payment. According to your survey, switching to digital payments has provided 84% convenience, 49% cashback or discounts, and 54% of easy tracking of transactions.
There are many benefits of using digital platforms and going cashless in India such as:
- Your money will be completely safe in your bank account or the form of assets or investments. There will be no chance that the money will be stolen or lost which is a likely case when it comes to paper money.
- It helps you to manage your money in a much better way. With the card numbers or bank statements, you can trace your income, transactions, savings, as well as return on investments from your account.
- Cashless payments offer flexibility in many ways. One can use digital payments for booking their air tickets, paying off home loans through EMI, and even buying life insurance policies without collecting a certain amount of cash.
- You can also grow your money by investing in many mutual funds and fixed deposits offered by different companies or banks in India. By investing money you can get returns after a certain period.
What does digitized cash include?
In India, digitalization was introduced by using various digital platforms such as debit cards and e-wallets. Cashless payments have become the most comfortable way of money exchange in India.
People in India have preferred different modes of payment such as net banking, credit or debit cards, and e-wallet or mobile apps. The economic news shows that many people consider digitalization to be an economic revolution.
What has the government done to promote digital payments in India?
The government has launched many schemes such as the Lucky Grahak Yojna and Digi Vyapari Yojna which offer Rs340 crores in cash for encouraging digital payments between Rs.50 to Rs.3000. Along with this, the government is also pushing United payment Interface or UPI to launch an app where users can transact across multiple banks in India.
People who don’t have mobile phones can also face the money digital Aadhar card-based payments by using their fingerprints. To attract users to these platforms, discounts, and cashback are also available on these segments. Digital or cashless India has become one of the most important topics to be debated as well as talked about in the economic news.
Many e-wallet providers such as Freecharge have recently started a 100% cashback campaign for people who purchase movie tickets, meals, or online shopping from the website. Many service providers such as MobiKwik or Paytm are also offering cashback offers. Many banks in India are also promoting the benefits they will provide if one uses their debit or credit cards.
Conclusion
Therefore, cashless India is the future where people can use digital payment platforms with complete convenience and security. Economic news also promotes digitalization in India and also makes people aware of the demerits they might face if not handled properly.
