Do you think India is ready for cashless economy?

When we look at the brighter side, mobile wallet startups are increasing day-by-day. By default everything is digitalized, so why do you need cash for any transaction. In today’s context, we have multiple mobile payments startups in the market that are providing end-to-end solutions 24*7 pertaining to payments. From checking balance to knowing the history of payments everything is recorded without any error. An up gradation from standing in large queues to switching to UPI, India has been steadily progressing and this September, UPI transactions volume has reached Rs.17.16 lakh crore. It is believed that this record is the highest of all times until date. The 46% of real time payment happening around the world is by India. Leveraging all the innovative solutions and availing cheap data packs, India is profoundly upsurging its standards in terms of finance and banking. “India is number one in digital payments. India is one of the countries where mobile data is the cheapest. Today, the country's rural economy is transforming”, the PM said.

Technology is the strongest back bone for digital transactions and without this boon we would have been into trouble during Covid-19. Digital transactions have helped immensely in cutting-down corruption and black money. A sudden crucial decision by government i.e. demonetization of currency back in the year 2016 was an important step to put a full stop for circulation of black money. After two difficult situations i.e. demonetization and Covid-19, India is on its journey to build strong economy.

MyGovIndia tweeted to mark the feat, “India keeps dominating the digital payment landscape! With innovative solutions and widespread adoption, we're leading the way towards a cashless economy”. Undoubtedly, India is growing in terms of value and volume and according government and RBI, India has whole heartedly accepted digital payments and thoroughly involved in digital payments. In the upcoming years, India will welcome more startups discovering much advanced digital payments apps and solutions in order to make our life more tech-savvy and simultaneously bolster our economy.

In that case, India is groovingly grooming lifestyle using Unified Payments Interface and speedily preparing for Cashless Economy.