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Is India ready to go cashless?

For:

  • Presence of popular e-wallets
  • Growing number of digital transactions
  • Rupay cards and Jan Dhan accounts have brought under many people who were previously not covered under banking sector and hence financial literacy have been given a boost
  • During the recent demonetization people readily accepted cashless mode of payment
  • Recently launched 'BHIM' app had more than 4 lakh downloads just in 3 days

Against:

  • Threat associated with online transaction security
  • Internet penetration in India still very low
  • Apart from large retail stores, unorganized and general stores do not have card swipe machine
  • E-wallets have limit of transactions per month which is mostly not sufficient

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