A number of countries are already said to be well on their way toward establishing a cashless economy, and lately India has been in the news and seemingly at the forefront of that anti-cash race.
There are many businesses and shopkeepers who have been quick to adapt to the changes in India and there are millions of more people in the country who are now engaged in making cashless payments because of the crackdown on cash there.
Some entire villages have now gone cashless and received rewards for doing so.
Right now the idea of a cashless India is still going to take some time though, it always was expected to be a gradual process. But they have come a long way; more people are willingly transitioning to adopting cashless transactions.
And to help move things along, the government has recently instructed that schools begin to encourage students to embrace cashless transactions.
The state government has instructed a number of city schools in India to hold financial literacy programs that are going to encourage the students to opt for doing a cashless transaction as much as possible.
The program, they suggest, should be held for both the secondary and higher secondary students. And the teachers have allegedly welcomed the program and are now looking for more guidance on how to go about implementing it.
Mobile payment firms are seeing a lot of success in coming in to meet the need here with millions of people now looking to make more cashless transactions. One of the most popular mobile payment companies in country at the moment is said to be Paytm. And they've just recently received permission in order to establish their own digital bank.
A number of reasons have been given for going cashless, things like it will help to promote a "cleaner economy" or that it is going to fight against terrorism. But others aren't as fond of the idea and they suggest that privacy will be eroded in a cashless economy, or that homeless, street vendors, and others who rely heavily on cash transactions etc will suffer.
It still might take quite a while however, before cash will be gone completely; it feels like that sort of setting won't come around anytime soon. But it is obvious to see how far we have come. Whenever I pay for cash today, I am frequently met with a surprised response from a variety of vendors who always tell me that "no one pays with cash any longer."
Pics:
Pixabay
imgflip
Sources:
http://timesofindia.indiatimes.com/india/cashless-means-less-cash-not-no-cash-arun-jaitley/articleshow/56168975.cms
http://timesofindia.indiatimes.com/home/sunday-times/all-that-matters/three-reasons-why-a-cashless-society-would-be-a-disaster/articleshow/56041036.cms
http://timesofindia.indiatimes.com/city/mumbai/govt-to-schools-encourage-kids-to-go-cashless/articleshow/58769352.cms
http://money.cnn.com/2016/12/01/technology/india-cash-ban-digital-payments/
https://techcrunch.com/2017/01/03/paytm-payments-bank/
Related Posts:
China Set To Go Cashless Before The West
https://steemit.com/money/@doitvoluntarily/china-set-to-go-cashless-before-the-west
Is Using Cash Anti-state?
https://steemit.com/money/@doitvoluntarily/is-using-cash-anti-state
Indian Village Receives Award For Going Cashless
https://steemit.com/news/@doitvoluntarily/indian-village-receives-award-for-going-cashless
Biometric Payment System Coming To India
https://steemit.com/money/@doitvoluntarily/biometric-payment-system-coming-to-india
How Close Are We To A Cashless Society?
https://steemit.com/money/@doitvoluntarily/investigating-the-proposal-for-a-cashless-society