Journey To Cashless Via Demonetisation

Demonetisation... Cashless... Banks... ATMs... Queues... Rs.2000 Notes... are the Key Words of Indian News Articles since the big bang announcement made by Prime Minister on 8th November, at Night ! Everywhere - at tea stalls, restaurants, bus stops, shops, streets - people are buzzing about the terms : Demonetisation and Cashless ! Pro-govt people are arguing for its Pros, and Opposition is fighting hard to expose the flaws therein ! But it is necessary to analyse the impacts with cooler mind, and it is more important to put forward handy information about 'Being Cashless'. In this article, we will first touch the impacts of Demonetisation which are related to 'Cashless' dimension. Then I will try to put forward the available and emerging techniques that will aid people in going Cashless and Digital ! It will be an honest attempt to make this article a 'Simple and Handy Info Packet' for the readers, which will help to solve the petty annoying doubts and problems faced while going for 'Cashless' transactions. So, here we go...

Firstly, I want to make some stuff clear and straight. Otherwise some of my Cynic and Skeptic friends will rush to comment about 'How being CASHLESS is not possible' ! See... Here, the term Cashless means people using digital money, using banking channels to execute their day-to-day transactions digitally ! For god's sake, please don't misinterpret it as 'Attempt to move towards Barter'... (BARTER ? How on this earth you can imagine that, Mr. 'Cynic' Pessimist ?) So, here Cash refers to the Currency printed on papers ! And going Cashless means a marginal shift towards Digital Currency and reduced use of Paper Notes.

After we have now done away with 'an early disclaimer', let's we move to the subject with comfort ! If we take into account the overall efforts by Modi Govt and the scenario after the date of 8th, following points come into mind :

1. Demonetisation is the greatest 'Happening' thing in Indian Economic History of recent times. It has made an devstating as well as decisive impacts for sure.
2. Demonetisation has several intended (or Alleged !) viz. Shock to the Fake Currency Gangs, Heavy blow to the people who used to store bundles under their beds and especially those people who used cash routes to suppress their Gross Total Income in Return Forms ! But one of the most long lasting impact is : It has given a Push to the 'Cashless' dream and has set the ball rolling ! Cashless brings Transparency, saves Time and fosters efficiency ! This is too simple to explain it furthermore here.
3. Earlier people, even the young generation was somehow 'reluctant' about using Cashless mediums of payments ! Especially in Small Cities and Towns, leave alone the villagers. Demonetisation has destroyed their Safe Heaven of Paper Notes for a while, at least. This has forced some people and inspired others to try the new-age currency formats ! To go Digital and to use Mobile Handsets for something more productive than 'WhatsApp Chatting' !
4. And the allegation by many Cashless-Cynics - that : 'How villages, farmers, workers can do that ?' - I want to say : 

"Dude, please come out of your Binary Mindset of Haves and Have Nots ! When Rajiv Gandhi and Sam Pitroda tried introducing Cellphones and Computers to Indians, exactly same Cynic-logic of Village-victimization had been put forward by similar tendencies ! Now look at 'Today'... Feature Phones are more common than Landlines in Villages. Smart Phones are getting increased spread with their declining prices. Now village teens have WhatsApp Groups ! Reality is - Villages and Small Towns follow Mega Cities ! Every Reform, especially related to Sophisticated Technology initiates in Cities ! Then after 4-5 years it spreads completely in most remote corners of landscape ! So, don't try to oppose a Good Reform by playing the False Victim Card under tags of Villages..."

Now, after briefly touching the analysis points, I directly move to the most important part of this article. That is providing a list of existing and emerging 'Cashless' technologies with handy tips, 'How-To's and information about them -

• Net Banking - This is the currently ruling monarch of Digital Economy environment. Net Banking needs no explanation. Problem with traditional Net Banking was it needed a P.C. and a bunch of passwords. So, very few can use it for day-to-day transactions. But it is the Granddaddy of these Cashless-Tech generation, upon which the newer inventions are based.
• Debit Cards - In India, where most of the people see 'Personal Debt' negatively, Debit Card had to be more popular than Credit Cards. Debit Cards are everywhere today. They are the actual 'Saviours' in the distress of Cash Crunch caused by Demonetisation.  Now, Govt has removed the Service Tax on Debit Card transactions, so no one needs to hesitate while carrying the Plastic Card in his/her wallet/purse ! With Debit Cards, nowadays we can avail facility of 'Cash Deposits' in addition to the 'Cash Withdrawal' options. This will reduce the work of Cashiers and release public from the inconvenience of filling 'Deposit Slips' ! More E-Banking Spots, Galleries are needed to eliminate the queues in banks, benefitting both Bank Machinery and Customers.
• PayTM - See... PayTM is not just another Private Company ! For India, it is a revolution indeed. (TThere is nothing like Vijay Shekhar Sharma sponsors my blog !!) However, we Indians see Private Companies, Business Units with Cynic and Pessimist attitude. See... FACEBOOK is a Private Organisation, not State-run one. Still, it is way useful for government itself ! Same thing applies to Twitter, Google, etc. So, we should not 'Avoid' or 'Refuse' PayTM due to its Private Ownership. It is an innovation, benchmark and Technology-Utility for Indian Economy. Adding to my love for PayTM, the Mobile Wallet App-provider Company has removed the 'Wallet To Bank Transfer Charges' as PayTM is now getting converted into a 'Payment Bank' with RBI Approval ! So, don't hesitate to enjoy the benefits of PayTM, by reading some misleading 'Anti-PayTM appeals' forwarded to you on WhatsApp or Facebook ! You can use PayTM for Paying as well as Getting Paid !! Itts QR Code facility is awesome. I have myself tried it.
  
  So, don't hesitate to enjoy the benefits of PayTM, by reading some misleading 'Anti-PayTM appeals' forwarded to you on WhatsApp or Facebook ! You can use PayTM for Paying as well as Getting Paid !! Itts QR Code facility is awesome. I have myself tried it. And all you need is : A Smartphone with Net Connection, PayTM App Installed and your QR Code printed on your business place ! Here's a picture taken by me, proving how the Technology can be used by everyone who is positive about it -

  

  Spot- A snacks stall in Ratnagiri, Maharastra

• UPI Apps - Now, a new child is already born to compete with PayTM and Debit Card. Problem is - the Tech is still in its Developing Process. Once all of the major banks integrate with UPI system, we will enjoy a Secure, Fast, Convenient and Bank-Authorized - Mobile App that will enable you to do all your banking on your own handset ! UPI is backed by Govt's National Payments Corporation of India i.e. NPCI.  UPI links the Mobile Phone with Bank Account via Aadhar Authentication !! At present SBI, HDFC, ICICI and some other banks are already into it ! Still, other banks need to launch there own Apps... But here is a recent news, which will Change the Game ! The Govt is into play !! They are bringing an Aadhar-based Mobile UPI App which can be used with any bank account... So, brace yourself ! In few days, you can scan your fingerprint and make a Payment to your Merchant without need to fill NEFT Form or even Swipe the plastic token !! Here's a pic explaining UPI mechanism -

  

  Image Credits : Livemint.com

• USSD Banking/NUUP - It is actually a complementary benefit of UPI Architecture. But it is special for its own reasons ! The best thing with USSD Banking is : You don't need a Smartphone nor you need Internet Connectivity or Data Pack !! Now, what is USSD ? USSD means : Unstructured Supplementary Service Data ! Sounds like a Techno-Jargon, right ? Don't worry folks, you already use it !! Have you ever checked balance by dialing *121# or *125# ?? That's it !! For Banking, it is - *99# now ! Dial it, navigate through the options with numeric pad and transact money... You can do it from Nokia 3310c too ! No Jio needed too... Actually, you don't need to expend a single paisa for data pack too !! I think these are enough 'Too's to prove its worthiness !!! USSD Banking is based on MMID and MPIN. MMID stands for 'Mobile Money Identifier' MPIN is just another PIN for securing your transaction, that you will remember (Without writing it anywhere !)... NPCI is behind this. They call it NUUP : National Unified USSD Platform. (To many short forms, huh !) (Don't forget to refer the FAQs about NUUP provided by NCPI. The link is below, in References section.) Now look at these graphics to understand - 'How To Use It' : 

  

  Image Credits : upipayments.co.in

So...you have now the basic idea about the emerging CASHLESS-TECH. Don't hesitate to use it... It doesn't mean it hasn't any risks ! But there is a risk in browsing Facebook or walking on road too. Be wise, don't share PINs with anyone else. Now on, your Mobile Phone will be your access pad for Banking. So, take more care of your Mobile Phone henceforth !

In this article, I have tried my best to put forth a brief analysis of Cashless drive of Indian Economy, which got a push by Demonetisation. I have attempted to explain the Cashless-Tech in simplest language as possible. In addition, I have given a bunch of informative links in the Reference section below. Still, if you are left with any doubt or confusion, feel free to ask in comment box ! I will definitely try to answer ! And yes... If you find it handy, share the link of this article with your friends (Share Link so that they can get all the graphics, links, etc. and by the way... Copy Pasting is not that good !!)... 

Demonetisation has given a push to set the 'Cashless' ball rolling ! Now it is up to us to 'keep it rolling' for our own sake ! Let's do a little for achieving a Common Social Victory !!

Reference Links :

1. http://economictimes.indiatimes.com/news/economy/policy/no-surcharge-service-charge-on-card-payments-cabinet/articleshow/51127090.cms

2. https://blog.paytm.com/your-paytm-wallet-paytm-payments-bank-various-charges-a1d28361dcb0#.oqt9jipzg

3. http://www.profitbooks.net/upi-unified-payment-interface/

4. http://www.bgr.in/news/digital-india-government-to-release-upi-enabled-aadhaar-linked-e-payments-app-next-week/

5.http://www.npci.org.in/UPI_Background.aspx

6. http://upipayments.co.in/99-bank-balance-fund-transfer/