A Dream of a Cashless Society in India

How do you take hew right into one of the rapidly growing economies in the world? It is quite easy and yet simple, just remove the 86% of the circulating currency and call it an anti-corruption precaution. As Prime Minister Modi of India and his subordinate, Urjit Patel, the Governor of the Reserve Bank of India, appears to have gone right ahead and just done that. And at this very moment, that you do not have any circulating cash, right then, you have a cashless economy. Then we must all say that “Welcome to the fearless and new face of India.”

The Indians are noticing that without their familiar 500 Rupees and 1000 Rupees of banknotes that made up closely to the 86% of all circulating cash, their life is very thorny. The middle class and the upper class of Indians have now taken right into debit cards and credit cards. The India’s Hindu Business Line Newspaper had reported that there has been a surge in which garners at the 65% right in the transactions of the less than 500 Rupees in which that made all the way through the debit and credit cards and the post has been published on 8th of November, this year of 2016. As it stated that, “The overall usage of the debit cards has gone viral and up in 70% and the credit card was up by 40% in which suggests a marvelous jump right in the first-time users.” The part of this particular surge can be attached together with that fact that the government has waived off the charges that are commonly linked right with these form of cashless transactions.

The post-demonetization muddle has been beneficial to one company in which pertains to the PayTM in which is a wallet operator that is funded by China’s Alibaba Group. And a day after the demonetization was declared, the wallet provider has taken out the full page of advertisements right in the major Indian newspaper in which giving thanks to Prime Minister Modi together with the advertisement’s that featured an enormous image of the bearded Prime Minister. Paradoxically, the PayTM has been caught up right in a controversy as the India is waging a war on the Chinese goods. The Diwali Festival in which was celebrated all over and across India had made Indians shunning goods and the made in China as the India’s northern neighbor keeping on to the side of Pakistan right over the variety of issues in which includes the Himalayan clash in Jammu and Kashmir.

The first post has recently sheltered on how the Alibaba Group and its affiliate Ant Financial have backed up the PayTM with funding to the tune of $680 million. The very same story had the PayTM’s Founder and Chief Executive Vijay Shekhar Sharma defended his enterprise in stating that, “We are as Indian as Maruti is… We are the India story in every single sense and whatsoever.” Vijay Shekhar Sharma was referring right into the Maruti-Suzuki which is the manufacturer of the India’s iconic Maruti cars that are omnipresent right on the nation’s roadways.

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