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Is cashless India a reality or myth?

2017 saw a massive shock in the form of demonetization that became a colossal headache for the citizens of India. So the question on everyone’s mind now is that with the advent of 2018 post a year of demonetization in the Indian soil, how is India holding up so far? Thanks to the Prime Minister’s demonetization policy last year, India saw a staggering rise in the number of digital transactions. Online transactions and e-commerce took a surge uphill as more and more people started gearing up towards a cashless economy. This was seen by the huge credit/debit card transactions and an increasing number of people resorting to Paytm, PayUMoney, OlaMoney, PayPal, etc. for all kinds of business transactions. The question now arises that have we, as a nation, alleviated our dependence on cash since demonetization hit on the fateful day of November 8, 2016? The statistics released by the Reserve Bank of India explicitly state that cash is still the king of India. The total amount of cashless digital transactions that took place in November 2016 was Rs. 93.63 lakh crore whereas by March 2017, it shot up to 150.24 lakh crore. It is indisputable that the number of cashless transactions monumentally shot up after the banning of notes and remained quite high till March 2017. However now, it has come down significantly to the pre-demonetization levels. It is a truth known to all that Indians do love their cash and a very significant reason for that is the number of people without smartphones or education, for that matter. Illiteracy and unawareness are the two main roadblocks to India going entirely cashless! The road ahead towards a cashless economy in India is quite tough, to say the least. Nevertheless, India is taking baby steps to reach there and go all digital in the future!



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