Devesh
Core Member
India is making an attempt to transition to a digital payment, less cash economy . Given that only a meagre percentage of our population pays taxes, the economy grows as more transactions come under banking and taxation system through digital payments. Corruption in public life and governance is oiled by cash, so as we move towards a less-cash society , this anonymity which the corrupt enjoy by using cash goes away . Besides, cash printing and its distribution is extremely expensive.
Consumers also have several benefits. All transactions, from `. 1to any amount, can be done digitally without carrying cash. We can do digital transactions 24x7, even on holidays.The government has announced several incentives on digital payments which make it really cheaper compared to cash payments.
It is not just western economies that have a significant ratio of digital economy . African countries such as Kenya and Nigeria have achieved much higher adoption of digital payments even though their population is semi-literate. M-Pesa transactions account for 20% of GDP of Kenya and it is used ubiquitously (by at least one individual in 96% of Kenyan households and by 75% of the unbanked population). India must learn from these success stories.
http://telecom.economictimes.indiat...ards-and-atms-redundant-amitabh-kant/56469027
Consumers also have several benefits. All transactions, from `. 1to any amount, can be done digitally without carrying cash. We can do digital transactions 24x7, even on holidays.The government has announced several incentives on digital payments which make it really cheaper compared to cash payments.
It is not just western economies that have a significant ratio of digital economy . African countries such as Kenya and Nigeria have achieved much higher adoption of digital payments even though their population is semi-literate. M-Pesa transactions account for 20% of GDP of Kenya and it is used ubiquitously (by at least one individual in 96% of Kenyan households and by 75% of the unbanked population). India must learn from these success stories.
http://telecom.economictimes.indiat...ards-and-atms-redundant-amitabh-kant/56469027
