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  • Category: Miscellaneous

    What would be scenerio if currencies totally withdrawn only digital pay?

    When I went to ATM today, the kiosk does not have the money and I tried other bank ATM and it says intenet problem so not working. By this count it can be understood that gradually the banks are going to withdraw or closed down the ATM facilities being offered and force the customers to go for only digital payments or payment through online banking. I am of the opinion that banks are slowly discouraging ATM usage or cash usage and insisting for online payments, and in that case what would be scenerio across the country ?
  • #729883
    For complete transparency and monitoring purposes the digital route is a favourable option for the Govt and is also a good option for those who can easily handle the digital platforms for making their payments. Still for small payments all the hawkers are not equipped with necessary wallets like Paytm or similar ones and they seek cash only from us. Govt will definitely be happy to bring 100% digit payments but it might create difficulty for the poor and low class as they will take time to align themselves with the new technology. So, ATMs are still be going there working for quite some time till the participation of public in digital payment systems is fully integrated. Actually the introduction of UPI payments linked to bank accounts is a step forward in this direction and we can even transfer funds to Jan Dhan Accounts. Slowly we are moving to a cashless state and that is of course a bad news to the people doing business in number two money or black money. Cash was the best thing to keep it away from the tax authorities until there is a raid in ones house which is very unlikely in normal cases until unless someone makes a complaint and the police and administration are really against that person.
    Knowledge is power.

  • #729892
    Shortly in a country like India, the chances for 100% digital transactions are not possible. In cities, you are seeing such a situation. But in villages the situation is different. In Andhra Pradesh, the government is paying old-age pension in cash to old people. This itself will run into crores of rupees. Similarly, other pensions here are being given in cash. The transactions they do will be in cash only. Servant Maids, Milk Vendors and Vegetable Vendors will be taking in cash only. They won't have any digital transactions. Even Kirana and General stores fellows in villages are also not accepting any digital money. Medical shops in villages also are doing the same. So I am seeing more physical money transactions than digital transactions.
    It is really good if 100% of transactions are digital. Expenses for physical money printing are high. The printing expenses will come down. Black money will come down to the maximum extent possible. So let us hope the physical money transactions will come down as much as possible.

    drrao
    always confident

  • #729903
    I do not see any such possibility in the near future. When I go to market especially buying petty items then everywhere there is a demand of cash. Very few of them have digital wallets and even if they have they keep it as the last resort.
    Thoughts exchanged is knowledge gained.

  • #729918
    I don't see complete digitalisation in our country till the present generation exists on this planet. India is a poor and a big country, literacy rate, hunger index, corruption index etc on every platform we need improvement. Creamy layer of indian society is equiped with digitalisation. They have no connection with main indian population. First, we have to see how basic needs of Indian population are fulfilled. Those who have huge money they are using cashless mode of transaction but this class is limited. Major part of India is still struggling for basic needs. This reality can't be overlooked. We need to see eradication of poverty from our country.

  • #729926
    Complete digitization of currency in India even in many other countries, would not be as simple as it finds but a start could be a small level. Whether people are enough dedicated to knowing about digitization but still they do not have more faith in it. When the first wave of pandemic controlled by the country and markets were open in normal ways I asked many shopkeepers for phone pay, or google payment, etc but they do not have the same. Still many believe in cash only every digital transaction is more safe and easy but they do not follow it. So it will take a long time to complete digitization in India.

  • #729928
    I think it is highly impossible to make complete digitalization because their many people especially elders who do not know how to read and many don't even have mobile phones. They will find it very difficult to get all these facilities instead of having hard cash and paying at shops. I would say at least those who can accept digitalization can do their bit to use digital payments and avoid cash.
    Regards
    Rizwan

  • #729938
    I like to see this issue as something that is unlikely to happen in the nearest decades. The biggest challenge against this is that at least 90 percent of the population must first be literate if it is to be implemented. Even in the southern Indian states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, and Telangana, which boast of being literate, more than 40 percent are illiterate. What about the northern Indian states? With all due respect, we must first think about how to make the people of India literate. Only then can such systems be thought of. One more thing to point out as such is that it is doubtful whether there are countries that have digitized the entire money transaction without currency. I'm not sure if any unknown kingdom, as our aboriginal community, uses the barter system of exchanging the resource with the resource at hand.

    It is good to think about such things. Long-term thoughts and step-by-step actions are the basis for implementing such drastic measures. Anyway, we can believe that it will not be like the note ban we saw. Didn't the sale of bottled water, and the distribution of money through A T M without going to the bank which we had not seen in our country in the past, and which we only heard about through expatriates as "unbelievable" exist in other countries, come into existence in India?

    We dream that this will come as well.

    "Cheruthulli Peruvellam"
    small drops make a mighty ocean

  • #730028
    It could be somewhat true that banks are insisting for digital transactions as much as possible. But still there is a huge crunch of people especially in villages and tier-2 cities who are relying on cash payments only. They refrain themselves from transacting in digital payments, may be they feel it unsafe or they might be not aware about its use. So, until the entire population is not aware about digital transaction payments, cash will be dispensing from ATMs. A sudden removal of ATMs can bring a halt to economy of nation, so government will not do this in near future.
    With regards,
    Ravi
    "Time & Tides waits for none"

  • #730079
    Digitisation of currency is a necessary step towards achieving transparency in transactions but to have complete digitisation we have to travel a long way toward development. Even the developed countries don't have complete digitisation then how can we think about it. Cyber crime in the country is on rise. Day by day we hear a lot about frauds in digital currency only because lack of understanding among masses. Also most of the areas have poor means of communication then how can we think to digitise such areas? World has changed a lot but still our resources are limited which can be put to much important uses then the digitisation as it's not need of the hour.


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