LETS GO CASHLESS!!!!!!!

Swipe, Press, Click and Pay to go cashless!!

On the evening of 8^th November 2016, Prime Minister Narendra Modi made an unpredictable speech on national television which opened the floodgates of facebook memes and whatsapp jokes before making way for any further discussion. All the currency notes of the denominations Rs. 500 and Rs. 1000 were to lose legal sanction from that midnight. While the currency notes of Rs. 500 were going to be freshly issued, Rs. 1000 notes were completely done away with, instead fresh Rs. 2000 notes were going to be issued to the public.

The objective of this move was to curb black money, corruption and terrorism. Even though people with black money faced hurdles, there were several implications that were inadvertently experienced by the common middle class people, farmers, banks etc. The primary problem faced by public was, while exchanging their own legal cash they had to wait in long queues to deposit their money and take out new currency notes, however the root cause of all problems was an extreme shortage of new legal tender money.

At this point the government suggested the idea of Digital Wallet or E-Wallet.  A Digital Wallet refers to an electronic device that allows an individual to make electronic transactions such as purchasing items online or using a smartphone to make payment for an item purchased from the store, thisfacilitated transactions by avoiding usage of cash as money was transferred online, it came out as a major solution subduing the adverse effects of the policy while still rendering its benefits; furthermore usage of digital wallet would mean reduction in need for printed paper currency notes thus becoming a step towards saving our natural resources; this also made the common people aware about various technologies that are available, it is especially a huge advancement for people living in remote areas thus the use of digital wallet has also enhanced regional development and equality.

If we look upon our country’s current situation people now end up wasting a lot of time by simply standing in queues to withdraw their own wealth from the banks, here use of digital wallet is the best option available to people. This is would also imply more safety of money as people now do not need to carry notes physically.To use these wallets, all one needs is a smartphone with an active internet connection.

But even though this has many advantages, practically it’s not possible for everyone across the nation to use. There is huge portion of the population living in poverty that doesn’t even possess a basic smartphone and a good internet network, hence they are unable to exploit these provisions, yet some people who are having the resources to exploit the benefits of e-wallet do not wish to change their primitive ways of transacting, therefore amajor hurdle in bringing about an e-wallet revolution is that people’s habits are difficult to change.

Conclusively e-wallets are as safe as our physical bank accounts and RBI restrictions ensure e-wallets toe the same line as all Indian and International banks that conduct online business transactions, all we need to do is just trust our government and the decisions that are taken by them.Government has initiated a war against corruption and black money, we as responsible citizens should stand by this just decision of our government.