Monday, December 26, 2016

Is Cashless India Possible?

Government of India is working hard to make India cashless. Is cashless India really possible or is it just a distant dream? To know more do continue reading.

In order to make India cashless, the first thing government has to do is to built a solid platform on which entire nation can depend to perform their transactions safely and securely.

Is mobile E wallet a good option?
Majority of people may not have smartphone. Also Internet is necessary for wallet. Also while installing the app, it may request unnecessary permissions like granting permission to access GPS, contact information, gallery pictures etc. So be careful while using wallet app.

Is Debit/credit card usage at PoS/online good option?
Credit/Debit usage at online and Pos comes with some sort of risk of data leakage. We have recently seen how lakhs of debit cards are compromised by some unknown threat. Generally the info leaks via payment gateways. We are not sure whether a gateway is storing our secret CVV number on their servers or not.

Is UPI and AEPS safe?
Aadhaar Enabled Payment System is the safest option available to us. Here no information can be stolen and also safety and security of our information can be guaranteed. UPI is having features to hide our account number and show virtual address so that information cannot be misused by anybody. AEPS will require separate device which will have an option to scan your fingerprint so that transaction can be completed.

Is USSD payment good?
USSD payment just requires a basic phone. No need of any smartphone or Internet enabled mobile. No need of any scanner. Infact this is the best payment for our country because majority of people are already having a basic feature phone. Unfortunately the process of using USSD is not user friendly. That is the reason why this USSD is having less popularity. If this is implemented properly, cashless India can be possible in very less time.

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