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What are your views?

How soon will Indian businesses, big and small, move to electronic or cashless payment mode? Do you think India is ready to go cashless yet or we have to look at other related facilities it needs to become cashless?

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(Starting date 18/12/2016- Ends on 25/12/2016 at 12 Night)

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  • Re: Do you think India is ready for electronic payment system?

    by » 3 years ago


    Though Indians have already started practising the electronic payment mode to some extent, it might take few more years to go totally cashless. In media, it's reported that online transactions have increased tremendously After the announcement of demonetization. But many small traders, vendors especially in small towns and villages still do not have the facilities to accept online payments. So, as of now we might still need cash for buying things


  • Re: Do you think India is ready for electronic payment system?

    by » 3 years ago


    It will still take some time for India to go cashless completely. Reasons for this are many, including lack of education among masses and lack of proper required infrastructure. People like to have the comfort of the touch of real money and owing to unawareness of how economy works, people in the lower strata working on wages, will find it hard to accept plastic money. There has to be a reasonable time frame given for the businesses to move towards cashless economy and to make people get comfortable with the idea of cashless transactions.


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  • Re: Do you think India is ready for electronic payment system?

    by » 3 years ago


    India is not ready at all. We must take the whole country while discussing this issue. Maybe cities would do fine with electronic payments. Moreover, demonetisation is not the way to make it happen. The first step would be government adding electronic payment option in its institutions. How many railway stations in India would accept credit cards when taking unreserved train tickets at the counter? Thus a step by step approach is needed. First, we should make the option available everywhere. Then we should provide some benefits for using them. Like 5% tax deduction for all electronic payments received, discounts, extended deadlines for paying bills without fine if done through electronic system etc. Such an approach would encourage more people to learn and use these features. It's a long way to go since majority of the Indian population has no bank account or accessibility to these options. We can't make India go cashless overnight.


  • Re: Do you think India is ready for electronic payment system?

    by » 3 years ago


    In most of the urban Indian households we have domestic helps, washerwomen/men, car cleaners, gardeners, care takers and so on, how to pay them? Cash less payment is basically a dream in this connection so it is difficult to turn India into electronic payment system. Well,  the idea behind this is not wrong but to practice this system one cannot overlook the lower strata of the Indian economy. Most of them are not even literate and so they depend upon cash for every transaction. Here comes  the need of the general as well as digital education which will help India  to practice cashless transaction.


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  • Re: Do you think India is ready for electronic payment system?

    by » 3 years ago


    India has been slowly moving towards an electronic mode since more than a decade now. Online payments are getting more frequent and even the smaller co operative banks are opting to provide debit cards for their customers who come from the lower income group with majority of them being farmers and small time business people. Demonitization is a step in the right direction in speeding up the process. At the same time , things cannot change overnight and also to go completely cashless would be impossible because of several reasons.


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  • Re: Do you think India is ready for electronic payment system?

    by » 3 years ago


    Simply No, not at all because there are so many uneducated people in India, who not even know what does electronic payment means, I think its not the correct time to pressure on making electronic medium for payment now, and one more thing even the educated people are afraid of electronic payments they have their own thinking about the electronic medium. Yeah it should be encouraged but not pressurized on people to use it mandatory.


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  • Re: Do you think India is ready for electronic payment system?

    by » 3 years ago


    Going cashless was not the aim of demonetisation. A population will become as cashless as it wants to be depending on its various capabilities. Even if it were forced it would yield to some point but steady state will depend on the willingness of the participants.India has been steadily going cashless every year since many years. The question is The system adequate to handle the anticipated political push to much expanded electronic payment system.


  • Re: Do you think India is ready for electronic payment system?

    by » 3 years ago


    Cashless economy is good. But there are certain aspects to be taken into consideration before making the country cashless. As of now, the availability of Card payment system is limited to a small fraction of the Merchant network.in the Country, that is likely to put a dampener on consumption in the coming months and cause and even more pains to small traders and consumers alike.

    When it comes to card payment, infrastructure, India has one of the lowest number of Card swiping Machines. Owing to these lapses, Cashless economy is not possible.


  • Re: Do you think India is ready for electronic payment system?

    by » 3 years ago


    India is facing corruption from last many years, there is corruption in every department. And to change this, people of India are ready for any change. Though very less people know about cashless economy, but the rest are also ready to do cashless transactions. If any step of government is against corruption, then people of India are ready to support government, even if there is little pain in the path. I think slowly we will become cashless, if public will see some good effects of cashless economy.


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  • Re: Do you think India is ready for electronic payment system?

    by » 3 years ago


    Cashless economy seems a tough dream for India at the present stage. This owes to many reasons- Lack of awareness and education, lack of infrastructure in place, poverty ( poor can not afford to have smartphone to carry out small transactions) and so on... But the greatest hindrance is also people reluctant to come out of their comfort zone and chalta hai attitude. 


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