A cashless economy is not wholly possible since there are many other considerations that need to be met with like 24 hour power supply, internet connectivity to every nook and corner of the nation and all business people small and large having the facility to accept card payments. This will not be easy because personally I feel that human beings feel secure with some cash in hand , would want to have cash with them , having gotten used to it all these years. There is no cashless economy anywhere in the world and it is doubtful if India would become one even in the future. However, less cash transaction definitely brings in more transparency and our entire society might change for the better.
Pay no mind to those who talk behind your back, it simply means that you are two steps ahead !!!
India is not ready for electronic payment system. Because the basic infrastructure like ATMs is not adequate to meet the challenges needed for making cashless economy. Even now " No cash ' displays are visible i before most of the ATMs in most of the places. Many people are dying while waiting for the serpentine queues. Additionally the power supply is unreliable. The situation is still worst in the rural regions. Many villages do not have power supply even. .Electronic payment system will be successful only when all the above said factors work together.
Otherwise cashless economy will remain as a dream.
Right now India not seems to be ready for cashless economy, because we have habit of keeping physical money with us, and not everyone is ready to accept e-transactions. But we can slowly change into cashless economy, and we should all support our government to be cashless. Though the opposition parties are shouting on the issue, but the public is silently watching everything and patiently supporting the step taken by Modi government. I think lot of to be done in the direction to be cashless, because at present a very few people know about safe electronic payments, and others are still to be made aware about safe e transactions. We hope this step of current government will be success after some time.
Well if we talk about cashless then I think that India is right now standing in that position where it seems to be that India is a cashless country just for now because of demonetization, but it is also true that it for temporary and it will not happen permanently, so I think going cashless is a good idea but it doesn't seems to be a perfect plan right now to execute it.
In a particular university the lecturers are paid say 50000 by cheque but only after they have submitted a cheque for 15000 as donation to the university owner's trust, month after month.. Cashless black!!
For majority of Banking applications, a Smart phone is the prerequisite. Though India is Asia- Pacific's fastest growing Smart phone market, very less people of Indian adults own a Smart phone. Mobile internet speeds will make users less likely to use their phones for Banking transactions. In view of these inconveniences In my opinion owing to above mentioned reasons, right now, Cashless economy is not possible.
According to statistics, debit card users have grown very fast in the years 2013 and 2015, leading to equally fast growth in the number of ATMs across the country. However, in a survey carried out by Reserve Bank of India has revealed that the number of debit cards as well ATM branches are very low in the areas where the female population is high, and also in rural areas. This also means that the banking and economic growth of the country is based on the social inequalities. This can easily be addressed by offering more easy to use cards and credit systems especially designed and targetted towards female consumers as well as towards the rural populations. Focus should be given on education, awareness and imparting financial confidence to women in rural areas. Once this happens, both POS (point of sale machines) as well as ATM branches will grow in rural areas and a major step will be addressed in bridging the gap that now exists to achieve a cashless economy.
"I am free of all prejudice. I hate everyone equally." - W. C. Fields :)
@ Kalyani. I hope we achieve that goal soon in future.
There are a few countries which can be considered as cashless ones--Sweden being no 1 as it has 98% of transactions on virtual currencies. In fact there are cities and villages in Sweden where there is no more ATM machines to be found. Even the currency printing is very minimal as most of the economy runs on plastic currency.
If we are aiming for cashless economy in near future, we need not invest more in increasing the number of ATMs. We need to have few of them in rural areas where there is none. If we look at long run, we might not need so much of ATMs if we are going cashless. Once we have moved a bit towards cashless economy, even the printing of currencies can be restricted to a bare minimal level.
I feel to impose and promote cashless transaction, there should be a maximum withdraw limit from ATM. If we do not do that, people will keep on continuing with cash transactions.
I even feel that 2000 note should be taken back and the maximum denomination should be 100 or 500. This will also promote the cashless transactions of higher values and even curb money laundering to some extent.
I am open to experience what life's mystery bag holds for me
If we talk about today's generation, every person is looking for smart phone. Today's kids know more about how to use smartphones. And in today's competitive market the price of smartphones have come down, now you can get it under Rs. 1000 with limited features. I am from a village background, and can see youth of age 15 years or more having smartphones with them weather they are from poor family or richer one, they are having smartphones according to their budget. Today the coming generation is getting education, our government has many plans for poor people's education, also there are different NGO's working in this field so everyone get educated in India. So we cannot say that it is not possible for India to become cashless, it will take some time and most of people will start doing electronic transactions.
Now, the scenario pertaining to Cashless economy is changing. It is known that the Central Government is taking a survey in all the States The survey revealed that the people are willing to bear the problems arising out of Cashless economy, In order to gain a longtime advantage, the people are ready to sacrifice a few things. The way in which the Government is taking action indicates the Government's attitude towards to eradicate Black Money. According to a news channel some Contractors who were keeping the Cash in the ATMs are themselves stealing the money.
I am of the opinion that cashless economy is possible, though it takes time.