Do you think India is ready for electronic payment system?

Electronic means people have to be knowledgeable about this things and they are what is this electronic mean, how it works, are they are beneficial from it, does it have any risk on their hard earned money and after all that clarification they will be ready to do electronic transaction, what I think personally and I will stand by it though out the discussion is that it is a good idea no doubt at all  but this is not the perfect time to encourage it.

@Babu saroj . Can you explore more that why it is not the right time to encourage the E-payment system.? What is the right time to implement the electronic payment system.? On one side you are saying that being cashless is a good system and on the other side you are saying that it is not the right time to implement the system. Can you help the government by telling them the right time and the right procedure to implement the system, so that government and public can make most out of the system of Electronic transaction.

The very fact that a step has been initiated is worthy of consideration. I am sure the govt and the finance ministry and the economists team backing the government would have carefully gone into its implications and planned its strategies accordingly. Probably they may not have realised the kind of resistance they would face from the opposition parties especially Congress, which having gotten used to all kinds of corrupt practices and black money transactions  is not ready to give up so easily. But these are temporary hitches and if people stay united it is not difficult to overcome.

Most importantly government needs to take measures that ensures awareness among the rural population as to what it involves to make transactions using their phones and cards. Debit cards should be made mandatory with all bank accounts, which I am sure the government has already considered. It takes time to put all this in place !

Our government has taken a bold step to carry forward our country in this competitive world, and the people of  our country are supporting this step, but the sad part is the opposition political parties are trying to misguide the public. As a responsible political party, they should have to support this good step, but instead they are opposing it. The opposition parties are opposing every step of the government, if it is in the favor of our country or not. They are wasting the time and money of our country by disturbing the work of Lok Sabha and Rajya Sabha. Public is noticing each step of these political parties and teach them lesson in coming elections.

Demonetization of high currency notes of Rs. 500 and Rs, 1000 proved to be an experiment too risky for the Government and too testing for the general public. The Center is  making a big push for online and card based transactions in the Country. to achieve its target of becoming a largely Cashless economy. However the Country is not ready for such an immediate shakeup.

DEA secretary, announced  incentives like cutting down on service charge and other levies on Debit or credit cards transactions. The Government's initiative over past year or so has been focused  on promoting e- Payments, plastic translations, cashless payments.  But one can see serpentine queues before ATMs. Yje Government is repeatedly saying that these problems will not remain forever. Things will be OK sooner than later.

Debit cards should be made mandatory with all bank accounts, which I am sure the government has already considered. It takes time to put all this in place !

We need to realise that it is impossible to do away with black money altogether. What is considered black is that money that has gone undetected and this happens in small denominations everyday even now. I know of small shop keepers , xerox copying shops and vegetable vendors who neither have a bank account nor a card. Their money even now goes undetected since they keep all the money with themselves depositing small amounts in bank accounts held by their wives and children. The rest remains with them and just imagine the hundreds of thousands of such general stores that are generating black money every day, unaccounted. It is precisely these that the govt wants to target because the larger businesses are easier to track.

Cashless economy is that form of economy, where in market all types of of transactions take place with the help of Debit or Debit cards and electronics payment gateways without involvement of physical form of Money.

In India considering the present economic landscape and the level of technological advancement few points can be thought of which will suggest that it is difficult for India for going completely Cashless. Even after major step taken by Government for financial  inclusion the form of JanDhan Yojana, majority of rural population ore without Bank accounts which is must for being a participant of any cashless system. Another aspect is internet connectivity, In rural areas. The low level of internet penetration is proving a major deterrent. So is the Cyber security.

Hence my view is that we are not ready for cashless economy.

In India, corruption is deeply rooted at the most basic levels in almost all spheres of life. Anywhere you go for even  the smallest of the jobs, you cannot get it done without surreptitiously handing out a few notes, ignore a traffic light, you can get out of the situation by paying a small sum, want to get a license renewed or taken newly, just pay a few hundred rupees to the illegal touts that are abundantly found in and around the RTO offices, want an affidavit, part with a 500-note. The examples are many and these are just small fry compared to the major sharks such as builders, public contractors etc. If we have to curb this all and aim for a clean economy, we have to go cashless soon. The step has already been taken and many of us already are aware about it. But the major work now is to insist for infrastructure but show patience for it to happen.

Our country is diverse, in social, educational and economical diversity. Any change to implement uniformly will face a lot of problems. Government has taken a progressive step to connect bank to all by opening accounts for people in Jan dhan yojna.

Moreover, a majority of population has laid back attitude and takes things seriously only when it is legally imposed on them. One suggestion can be to stop any transaction above 2k in cash. This will not effect the lower economical group as they don't do such big transactions. Meanwhile the lower economical group can be educated, equipped and empowered to enter the cashless transactions pool. 

The planning needs to be strategized and executed in steps

We the people of India are thinking that being cashless may put break on corruption, and are ready to face some problems which arise due to migrating from with cash to cashless. One benefit of cashless transaction is that the person who is giving money and the person who is taking money should have account in bank. And the Bank and government can put an eye on the transactions being done through the account. Previously people were doing payments in cash, and for big deals people have to carry bags full of money and some people were giving no records of such transactions to government to avoid taxes. Now using e-payment system every person will give records about transactions being done. So it will be difficult for those who are of habit of corruption for doing any task.

A cashless economy is not wholly possible since there are many other considerations that need to be met with like 24 hour power supply, internet connectivity to every nook and corner of the nation and all business people small and large having the facility to accept card payments. This will not be easy because personally I feel that human beings feel secure with some cash in hand , would want to have cash with them , having gotten used to it all these years. There is no cashless economy anywhere in the world and it is doubtful if India would become one even in the future. However, less cash transaction definitely brings in more transparency and our entire society might change for the better.

India is not ready for electronic payment system. Because the basic infrastructure like ATMs is  not adequate to meet the challenges needed for making cashless economy. Even now " No cash ' displays are visible i before most of the ATMs in most of the places. Many people are dying   while waiting for the serpentine queues. Additionally  the power supply is unreliable. The situation is still worst in the rural regions. Many villages do not have power supply even. .Electronic payment system will be successful only when all the above said factors work together.

Otherwise cashless economy will remain as a dream.

Right now India not seems to be ready for cashless economy, because we have habit of keeping physical money with us, and not everyone is ready to accept e-transactions. But we can slowly change into cashless economy, and we should all support our government to be cashless. Though the opposition parties are shouting on the issue, but the public is silently watching everything and patiently supporting the step taken by Modi government. I think lot of to be done in the direction to be cashless, because at present a very few people know about safe electronic payments, and others are still to be made aware about safe e transactions. We hope this step of current government will be success after some time.

Well if we talk about cashless then I think that India is right now standing in that position where it seems to be that India is a cashless country just for now because of demonetization, but it is also true that it for temporary and it will not happen permanently, so I think going cashless is a good idea but it doesn't seems to be a perfect plan right now to execute it.

In a particular university the lecturers are paid say 50000 by cheque but only after they have submitted a cheque for 15000 as donation to the university owner's trust, month after month.. Cashless black!!

For majority of Banking applications, a Smart phone is the prerequisite. Though India is Asia- Pacific's  fastest growing Smart phone market, very less people of Indian adults own a Smart phone.  Mobile internet speeds will make users less likely to use their phones for Banking transactions. In view of these inconveniences   In my opinion owing to above mentioned reasons, right now, Cashless economy is not possible.

According to statistics, debit card users have grown very fast in the years 2013 and 2015, leading to equally fast growth in the number of ATMs across the country. However, in a survey carried out by Reserve Bank of India has revealed that the number of debit cards as well ATM branches are very low in the areas where the female population is high, and also in rural areas. This also means that the banking and economic growth of the country is based on the social inequalities. This can easily be addressed by offering more easy to use cards and credit systems especially designed and targetted towards female consumers as well as towards the rural populations. Focus should be given on education, awareness and imparting financial confidence to women in rural areas. Once this happens, both POS (point of sale machines) as well as ATM branches will grow in rural areas and a major step will be addressed in bridging the gap that now exists to achieve a cashless economy.

@ Kalyani. I hope we achieve that goal soon in future.

There are a few countries which can be considered as cashless ones--Sweden being no 1 as it has 98% of transactions on virtual currencies. In fact there are cities and villages in Sweden where there is no more ATM machines to be found. Even the currency printing is very minimal as most of the economy runs on plastic currency.

If we are aiming for cashless economy in near future, we need not invest more in increasing the number of ATMs. We need to have few of them in rural areas where there is none. If we look at long run, we might not need so much of ATMs if we are going cashless. Once we have moved a bit towards cashless economy, even the printing of currencies can be restricted to a bare minimal level. 

I feel to impose and promote cashless transaction, there should be a maximum withdraw limit from ATM. If we do not do that, people will keep on continuing with cash transactions. 

I even feel that 2000 note should be taken back and the maximum denomination should be 100 or 500. This will also promote the cashless transactions of higher values and even curb money laundering to some extent.

If we talk about today's generation, every person is looking for smart phone. Today's kids know more about how to use smartphones. And in today's competitive market the price of smartphones have come down, now you can get it under Rs. 1000 with limited features. I am from a village background, and can see youth of age 15 years or more having smartphones with them weather they are from poor family or richer one, they are having smartphones according to their budget. Today the coming generation is getting education, our government has many plans for poor people's education, also there are different NGO's working in this field so everyone get educated in India. So we cannot say that it is not possible for India to become cashless, it will take some time and most of people will start doing electronic transactions.

Now, the scenario pertaining to Cashless economy is changing. It is known that the Central Government is taking a survey in all the States The survey revealed that the people are willing to bear the problems arising out of Cashless economy, In order to gain a longtime advantage, the people are ready to  sacrifice a few things. The way in which the Government is taking action indicates the Government's attitude towards to eradicate Black Money. According to  a news channel some Contractors who were keeping the Cash in the ATMs are themselves stealing the money.

I am of the opinion that cashless economy is possible, though it takes time.