Nearly two years after note ban, corruption continues to grease the wheels of Asia’s third-largest economy; the cash ban has barely made any dent on that. However, post demonetization, the revolution brought about by our Hon. Prime Minister, India has definitely gone digital – by Choice or Compulsion. Demonetization has led to people transacting often through online transfers and virtual wallets, leading to a new economy where no transaction could go unaccounted and illegal activities like tax evasion and money laundering could be controlled.
The smart phone revolution has led to the rise of e-commerce and other services, that also boosts the digital outflows. Ease of tracking spends and managing budget is one of the key motivators for a progressive digital economy. It is also a safer and easier expenditure option.
The current financial infrastructure embraced digitization that has brought about a level of transparency to transactions like never before. With the arrival of digital payments and the ease of conducting financial transactions, one can save time at the ATMs by avoiding long queues. A cashless arrangement can bring down the cost connected with printing, storing and transporting of cash.
Digitization is at its pinnacle today in India. India started its journey towards digitization with a vision of a secure and clean economy. While the short-term outcomes are evident, the long-term benefits like increasing financial inclusion, would soon help boost the economy. As per cashlessindia.gov.in, “the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of professed roles of Digital India”. With the pioneering step taken by the Government of India, we can be confident in saying – Yes, India is equipped for a cashless economy.
At the core of such shifts are smart financial technology players, small and big alike, enabling the adoption of digital currency. Corporates (employers), a primary source for taxes and income play a major role in such digital adoptions. OBOPAY helps you play that role and be a part of the progressive Digital movement. Visit www.obopay.com to know more.