Do you think India is ready for electronic payment system?

Though Indians have already started practising the electronic payment mode to some extent, it might take few more years to go totally cashless. In media, it's reported that online transactions have increased tremendously After the announcement of demonetization. But many small traders, vendors especially in small towns and villages still do not have the facilities to accept online payments. So, as of now we might still need cash for buying things

It will still take some time for India to go cashless completely. Reasons for this are many, including lack of education among masses and lack of proper required infrastructure. People like to have the comfort of the touch of real money and owing to unawareness of how economy works, people in the lower strata working on wages, will find it hard to accept plastic money. There has to be a reasonable time frame given for the businesses to move towards cashless economy and to make people get comfortable with the idea of cashless transactions.

India is not ready at all. We must take the whole country while discussing this issue. Maybe cities would do fine with electronic payments. Moreover, demonetisation is not the way to make it happen. The first step would be government adding electronic payment option in its institutions. How many railway stations in India would accept credit cards when taking unreserved train tickets at the counter? Thus a step by step approach is needed. First, we should make the option available everywhere. Then we should provide some benefits for using them. Like 5% tax deduction for all electronic payments received, discounts, extended deadlines for paying bills without fine if done through electronic system etc. Such an approach would encourage more people to learn and use these features. It's a long way to go since majority of the Indian population has no bank account or accessibility to these options. We can't make India go cashless overnight.

In most of the urban Indian households we have domestic helps, washerwomen/men, car cleaners, gardeners, care takers and so on, how to pay them? Cash less payment is basically a dream in this connection so it is difficult to turn India into electronic payment system. Well,  the idea behind this is not wrong but to practice this system one cannot overlook the lower strata of the Indian economy. Most of them are not even literate and so they depend upon cash for every transaction. Here comes  the need of the general as well as digital education which will help India  to practice cashless transaction.

India has been slowly moving towards an electronic mode since more than a decade now. Online payments are getting more frequent and even the smaller co operative banks are opting to provide debit cards for their customers who come from the lower income group with majority of them being farmers and small time business people. Demonitization is a step in the right direction in speeding up the process. At the same time , things cannot change overnight and also to go completely cashless would be impossible because of several reasons.

Simply No, not at all because there are so many uneducated people in India, who not even know what does electronic payment means, I think its not the correct time to pressure on making electronic medium for payment now, and one more thing even the educated people are afraid of electronic payments they have their own thinking about the electronic medium. Yeah it should be encouraged but not pressurized on people to use it mandatory.

Going cashless was not the aim of demonetisation. A population will become as cashless as it wants to be depending on its various capabilities. Even if it were forced it would yield to some point but steady state will depend on the willingness of the participants.India has been steadily going cashless every year since many years. The question is The system adequate to handle the anticipated political push to much expanded electronic payment system.

Cashless economy is good. But there are certain aspects to be taken into consideration before making the country cashless. As of now, the availability of Card payment system is limited to a small fraction of the Merchant network.in the Country, that is likely to put a dampener on consumption in the coming months and cause and even more pains to small traders and consumers alike.

When it comes to card payment, infrastructure, India has one of the lowest number of Card swiping Machines. Owing to these lapses, Cashless economy is not possible.

India is facing corruption from last many years, there is corruption in every department. And to change this, people of India are ready for any change. Though very less people know about cashless economy, but the rest are also ready to do cashless transactions. If any step of government is against corruption, then people of India are ready to support government, even if there is little pain in the path. I think slowly we will become cashless, if public will see some good effects of cashless economy.

Cashless economy seems a tough dream for India at the present stage. This owes to many reasons- Lack of awareness and education, lack of infrastructure in place, poverty ( poor can not afford to have smartphone to carry out small transactions) and so on... But the greatest hindrance is also people reluctant to come out of their comfort zone and chalta hai attitude. 

@Arunima Singh. If people of India can learn to use mobile and internet, then what is the problem in learning and using cashless economy. I agree that most of the population is uneducated or not so much educated that they can learn cashless transactions on their own, but if we educated people take some responsibility and start teaching people about electronic transactions, then it could be possible that people of India will do electronic transactions. So it will take some time but people will learn and take advantage of electronic transactions.

A large country like India with all its complexities and often a disconnect between the central government and state governments is not easy to manage. Our economy so far depended totally on cash which is evident  by the statistics which says that there is only 14% card transactions as compared to 86% cash related ones. One can see what a herculean task that would be to convert the entire economy the other way round. But if other smaller nations can do it why not India? So, this change which is a welcome move should be allowed to happen instead of stopped and tried to deviate because the opposition wants to score some points and show the present government in a poor  light . If there was more co operation and positive reaction by the opposition , things would have been far more successful as can be seen in my own town and other smaller towns that I know of where things have moved at a much faster pace.

See going cashless is a good idea but we all know that now it is not the perfect time to encourage it a lot, Definitely it will be profitable for the government and for the well being of the countrymen but still I think that it shouldn't be done for at least on this sensitive moment where people are rushing for money.

@ Manoj Kumar Lamba. I totally agree that they can learn internet and mobile. In fact I support cashless transaction. But I have met a few vendors in last few days who were willing to go digital with Paytm but they had no smartphone. They also felt that they do not have enough money and profit to buy one in recent time. So poverty still is a main hindrance. I wish government could run some scheme to give smartphones to these people at affordable prices.

In India most of the people are not mall savvy. Maximum number of Indians depend upon small hawkers and vendors for purchasing fruits and vegetables. Even for repairing and mending work we regularly depend upon cobblers, electricians, carpenters, drivers and other workers. Should we expect these people to carry card swipe machine along with  them whenever they visit any customer? First of all, the government needs to solve unemployment issue so that the small scale hawkers and helpers get a decent job because they don't have capital to invest to set up a unit and earn  for their family. Thus, the government must first try to give good life to each and every Indian and then go for cashless transaction or else many lives will get shattered.       

No India is not ready for electronic payment system. More than 60% population of country in living in villages. Low literacy, power problem in principal cause behind it. India have village where population is below 1000. Bank facility is not possible at these villages. Cheating is very easy here. here t before 2 day one Bank manger receive call from unknown person, who said that we want you PIN and Credit card number to enhance credit limit. Bank manager gave them. After time manger received message that 59000 withdraw from you account. If it happen with a BM think what will be with others?

Going cashless or rather less cash is the only pragmatic solution to bring the unaccounted money into recorded accounts. This is definitely a step forward for clean economy. Having lesser cash in circulation is the best way to curb black money and corruption. But there is a lot that needs to be done at war front way to make it possible and to ease the inconvenience. 

i also feel that the not so structured business or rather the small scale black market is a source of income for many in this country. These people do not have a well defined job and so they turn out to be middle man in these unstructured business and their source of livelihood totally depends on unaccounted cash transactions. So government has to work towards churning economy through generating structured employments.

Educated Indians, especially those who fall into the middle and higher middle classes have already got into the habit of using credit and debit cards, and many, including housewives, use online facilities for shopping, paying utility bills, and many are now comfortably moving on to banking transactions through internet and mobile apps. Even less educated and uneducated people working at skilled professions such as plumbers, electricians, carpenters etc. are now comfortably using ATM cards and mobile apps. Yet, the question is about the majority of the people whose minimum earning is way way below the unskilled manual labourers. I am talking about people below poverty line, homeless people, landless farming communities etc. who do not even have bank accounts, so owning a card is still a distant achievement. Although, Modi has started the movement of bringing such people into the economic mainframe of India by implementing the Jan Dhan yojana. So slowly and steadily, things have started changing, but it will be not be achieved overnight. It will still take some time, the question now arises is how effective the system will work out and how quickly the infrastructure needed will be laid down in place.

Though we Indians want to be ready for Electronic Payment system. But there are many difficulties in the path. One is  the education and other is people are not much aware of online frauds or E-payment cheating. So before implementing e-payment system awareness between public should be done. Such programs should be started by government, where people can learn what types of risks are there in E-payment system and how they can overcome these risks or threats. People should learn what to do in case if they are cheated in online transaction case, and whom to contact in such cases. All these information should be provided to people living in cities, villages or any distant regions of our country. Electronic transaction is not impossible to implement, but is difficult and needs hardwork both by government and people of our country.