Cashless Economy - New India

 

Digital India campaign was launched by the government 5 years before, now that is the need of the decade. When this initiative was launched it was majorly a transformation from the traditional payment by cash to an electronic way of payment and making the majority of the government-related payment and transaction through an electronic method,  not only payment even other services by the government like citizen taxes, certificates, etc.

Now after the pandemic, the vision of government is moving closer to reality. Now the economy is moving to a cashless mode of payment in the majority of their daily transactions. Government initiative for cashless or paperless was Rupay and Unified Payment Interface(UPI). Both were an ingenious and simple payment mode for the common man.

The main requirement for a cashless economy is broadband connectivity and smartphone reach to all parts of India. This initiative has made the economy more transparent and less corrupt.  This will reduce the black money which is a dream of every common citizen. The ease of use from their own personal devices will encourage more and more users to be added and use for their day to day transaction. 

The major challenge in a cashless transaction is the security and vulnerability of the transaction since it is done from personal devices. Multiple platforms use different security codes in the current stage to protect it from hackers.

With the current pandemic situation, India or even the world is ready for moving towards a cashless economy.