Digital payments driving India towards cashless economy

In the last few years India has taken some eventful steps for the whole nation aimed at the greater good of the economy, such as demonetisation and Aadhaar registration. The basis for this was always working towards a ‘cashless society’ and we zoomed ahead towards that goal during a global health catastrophe – Covid-19. The pandemic which brought about social distancing, lockdowns and a hyper-dependency on digital media and digital payments. Since the late 20th century, India has been slowly but steadily moving towards cashless economy with ATMS, MICR, debit cards, credit cards. Today, you have mobile wallets, recharge vouchers, UPI, NFC payments, QR codes etc. Come to think of it, India has performed really well on the digital adoption front.

 


According to a PwC report, India has witnessed a steep growth in digital transactions, almost to the tune of 48 billion transactions only in year 2020, despite the pandemic (or should we say, because of the pandemic)! You can do everything today from the precincts of your mobile phone. Be it wealth management, bill payment, loan management, netbanking, insurance, shopping or entertainment – the opportunities are endless. The ease and acceptance of the digital payment methods has fanned an entire generation of fintech start-ups in the country, which is great news for the economy. Government schemes such as Jan-Dhan, Aadhaar schemes, combine with better digital infrastructure, has strengthened the resolve of the common man to move towards a cashless economy.

 

Read the full article here https://timesofindia.indiatimes.com/blogs/voices/digital-payments-driving-india-towards-cashless-economy/

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