Forget Modi’s Schemes, here is how You and I can make Cashless Society
Instead of whining about lack of cash, please look at it as an opportunity to bring in a difference in the lives of ignorant and uneducated people around you.
I have never carried much cash in my life. I firmly believe in paying electronically. I pay my maid servant, milk, cable, newspaper, vegetable and grocery fellows through bank. I transfer funds. Everyone has accounts, even if they pretend to be poor. They will get used to getting money routinely in their accounts.
Most importantly, you don’t have to go looking for change or buy unnecessary stuff, just because the shop keeper says he has no change.
India has divided itself into two neat sections – people who bank and those who don’t. This is not about what they earn and retain. It is about how they transact.
Banking habits enable funds to grow. Every single rupee saved provide an interest advantage. In an economy with high inflation, cash salts away savings without even your knowledge. People outside banking system borrow – and borrow at high interests. They are outside the pale of every government initiative.
Please use this opportunity to
1. Get the banking account information of your service providers. Everyone of them.
2. Please ask your bank to enable your online and phone banking channels.
3. Spend an hour to learn eBanking.
4. Please subscribe to any wallet. Most of them are available as applications on your smart phone. You can have more than one wallet at any point of time
5. If you ask your favourite medical shop, grocery store, kabadiwala, autowallah, vegetable vendor, bhelpuri wallah and others, they will let you know what wallet they are comfortable. Most of them subscribe to apps [that is my personal experience].
6. It takes a minute to link your bank account to wallet. You can transfer required funds from your bank account to wallet and from your wallet to your vendors’ wallet in less than the time you take to take cash from your purse, give it to vendor and take cash back.
7. All utility payments, rent payments and most other payments can be done through NEFT transfer or through credit cards.
Please move online. I guarantee that most persons will save atleast 10% more every month if they cease to have cash in their pocket.
by Nagendra KV
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