- You don’t need 100% smartphones to get cashless economy. Most developed economies got there well before they had mobile phones. You need mechanisms like the cheque book, debit cards and bank transfers for which India already has the technology.
- Developing economies with poorer infrastructure and lower incomes than us - Kenya and Somalia have already moved significant part of their economy cashless. Thus, literacy and infrastructure doesn’t matter either. The Economist explains: Why does Kenya lead the world in mobile money?
- In the next 3 years, India will have near 100% smartphone penetration and has to get ready with its culture and attitudes towards cashless transactions.
People assume that less educated and poor economies like India should not go cashless. On the contrary, India should go cashless because it is poor. Financial inclusion is necessary for poverty alleviation and corruption reduction.
It is not the technology that is in our way. It is our attitudes. This is why a big shock treatment is needed for Indians to change our ways of our lives.
Source:https://www.quora.com/How-can-India-go-cashless-with-just-30-of-population-having-smartphones
No comments:
Post a Comment