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

    by » 2 years ago


    I am not participating in the contest.  Burt let me offer my comments.  There is never abrupt change but changes definitely take place. For some time old and new system both sork simultaneously and ultimately old system fades. For example, in 1957, decimal coinage was introduced. For about a year or so, old and new coinage both were used. Conversion tables were used for paisa and new paisa.  The computer system has also gradually replaced manual system in m many offices. Now we don't find manual type writers.  But any change does not replace the old immediately. Similarly, the electronic and cashless payment method will be increasingly used. for a few years, there will be cash and cashless systems both and in a few years the cashless mode will be more prevalent. However, cash payment system will not be totally replaced for a long period. This needs more internet facility, infrastructure and skill.

    This can also be considered as a sort of generation gap. we see that the younger generation is more computer and internet savvy.  In due course, there will be complete generation change.  The younger generation and coming generations will be more comfortable with cashless mode, which will be natural to them. However, as long as the older generation to which I belong, lives, there will be use of cheques and cash. Incidentally, cheque is also cashless mode even though this is not electronic mode. 


    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/


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

    by » 2 years ago


    I agree with what @ Gulashan says about change being slow ! Even when a decision as momentous as Monetization has been taken we need to understand while it helps in cleaning up the system , it may not be a permanent solution to black money. More steps need too betaken and by the look of things are being taken by Mr Modi and his team which would definitely fight black money generation to a great extent. Cheques , I find are not preferred much probably because of the paper work involved and the delay in transaction since unless it is from the same bank , cheques normally take anywhere between 2-4 working days to get cleared. In these past 40 odd days after Monitization drive began I see that almost all the smaller shops have switched over to Paytm and card transaction although some are not happy about it because it would give away their  earnings , which so far had been safe with them and hidden from the tax department. But generally speaking people have accepted card payments and less cash in hand as the future mode and are preparing themselves for it ..


    Pay no mind to those who talk behind your back, it simply means that you are two steps ahead !!!


    Thank you said by: Gulshan Kumar Ajmani

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

    by » 2 years ago


    I totally agree with Gulshanji. He has very beautifully put across that changes do not occur overnight and take time. And a momentous decision like demonetization is surely a very big and drastic change. It has a dominos effect or ripple effect as it directly or indirectly effects many  aspects of economy and day to day life. It will take some time for digital economy to sink in and become an integral part of the life. But the seed has been sown and needs constant nurturing and encouragement through thought out plans and execution.

    I too agree with Usha ji that though not completely it will curb black money to a great extent. People happily or reluctantly are getting mentally prepared for less cash and digital transaction in future. 

    I think awareness is the key. I felt that having a smartphone is must for digital transaction. Many people in rural area have mobile phones but no smartphones. That is the case with small vendors too. But day before yesterday, I read in newspaper about USSD i.e Unstructured Supplementary Service Data transfer. This does not require smartphone or Internet connection. Any phone can be used provided the number is registered with bank. one can access various banking facilities including transactions by merely dialing a USSD code from any phone with SIM card. I was not aware of it. This is a breakthrough. 

    Though it seems a far dream. If we think constructively, we can find ways to reach there. When there is a will, there is a way.


    I am open to experience what life's mystery bag holds for me

    www.arunimakunwar.blogspot.in


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

    by » 2 years ago


     While on one side,Modern Gadgets compatible to the the present need of the Country, Cashless economy is entering the Country spreading like wild fire, and on the other side, even in the far flung regions, people are realizing the importance of Cashless economy. This is what, the Government has been saying consistently to know the importance of Cashless economy and its benefits. The best part is, people are supporting the Government.

    In this scenario, Cashless economy will be there in the Country.


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

    by » 2 years ago


    Though it takes some time for our country to be with electronic transactions, but it is also true that it is not possible for a country like India to be completely cashless. People of India have a habit of living with corruption, in past years the corruption was done by cash physically, now the corrupt people will start taking money in e - transactions. Our government is taking fast steps to control such people, but cannot be stopped fully. India is looking for a better future and in this hope people are facing small problems happily and hope that the situation will settle down in near future.


    http://www.comparenshop.in


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

    by » 2 years ago


    Yes, it is really seems like impossible for India to go cashless fully at once yeah it will take too much time for the Indians to go into this path and that can only be happen if they get the assurance that going cashless doesn't harm anything instead it is profitable for them, I think after demonetization many people have gone through in the path of Cashless, but it will only be successful if they make the habit of going cashless.


    sdfafa


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

    by » 2 years ago


    While cashless is a laudable goal it need not be hurried. It will continue to develop as the necessary infrastructure expands as per the resources deployed. However the point to be noted is it was not the goal of demonetisation but is a convenient diversionary ploy.


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

    by » 2 years ago


    Gulshan Kumar Ajmani wrote:

    I am not participating in the contest.  Burt let me offer my comments.  There is never abrupt change but changes definitely take place. For some time old and new system both sork simultaneously and ultimately old system fades. For example, in 1957, decimal coinage was introduced. For about a year or so, old and new coinage both were used. Conversion tables were used for paisa and new paisa.  The computer system has also gradually replaced manual system in m many offices. Now we don't find manual type writers.  But any change does not replace the old immediately. Similarly, the electronic and cashless payment method will be increasingly used. for a few years, there will be cash and cashless systems both and in a few years the cashless mode will be more prevalent. However, cash payment system will not be totally replaced for a long period. This needs more internet facility, infrastructure and skill.

    This can also be considered as a sort of generation gap. we see that the younger generation is more computer and internet savvy.  In due course, there will be complete generation change.  The younger generation and coming generations will be more comfortable with cashless mode, which will be natural to them. However, as long as the older generation to which I belong, lives, there will be use of cheques and cash. Incidentally, cheque is also cashless mode even though this is not electronic mode. 

    It is right Gulshan Ji our new generation success dream of cash less economy.

     


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

    by » 2 years ago


    In keeping with its plan to move over to a Cashless economy, the Government has decided to implement some measures. They are, promotion of payments through Cards and Digital means is facilitating coordination among different agencies  to ensure speedy roll out of initiatives including Digital payments through Ration Shops strengthening the Network of Business Correspondents in rural areas and equipping all existing and future ATMs with the Aaadhar authentication facility.


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

    by » 2 years ago


    Cashless economy is the only pragmatic way in a long run to push growth and have a more clean economy.

    1. It will definitely curb the parallel economy which runs on cash or black money and help country's growth.

    2. It will lead to more compliance and respect for the law.

    3. The unaccounted money will be brought into account. It reduces the liability of the government and add to it's finances. Government can invest more into infrastructure projects.

    4.. Cashless economy will change the mindset of people. Instead of keeping cash at home, they will keep it in saving accounts in bank, contributing to more productive use of funds.

    5. Savings in financial assets helps banks and will result in lower inflation and interest rates.

    6. we can expect greater transparency and higher tax compliance. It will also be deterrent to tax invaders. 

    7. It will help with financial inclusion, a long cherished dream for a developing country like India.

    8. The more transparency in transaction will improve tax revenues- direct or indirect as one will see no incentive in hiding the transactions.

    So overall though not an easy task, it is definitely the best thing to happen for bright future. If everyone pushes for it and promotes it it will be soon axheived.


    I am open to experience what life's mystery bag holds for me

    www.arunimakunwar.blogspot.in


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