Demonetisation, after more than a year, seems to have a ripple effect on the Indian society at large. The union government's initiative with the BHarat Interface for Money (BHIM) app and other digital payment methods like the PayTM or the Mobikwik app has certainly raised the possibility of a cashless economy in India. However, it is seen that the penetration of digital payment in the society is minimal as compared to the potential that was raised as an after-effect of demonetisation.
The burgeoning population and limited job opportunities have also contributed to the limited impact of the Cashless Economy. For example, cashless economy would lead to job losses for bus conductors or ATM manufacturers. It is highly unlikely that unless alternate avenues are created for those who are directly impacted by the paperless economy, it is here to stay.
However, the urban elite might just find it comfortable with the use of plastic money, than paper money, and hence it can be concluded that which cash will remain king, the cashless economy might definitely play a second fiddle to it.
The burgeoning population and limited job opportunities have also contributed to the limited impact of the Cashless Economy. For example, cashless economy would lead to job losses for bus conductors or ATM manufacturers. It is highly unlikely that unless alternate avenues are created for those who are directly impacted by the paperless economy, it is here to stay.
However, the urban elite might just find it comfortable with the use of plastic money, than paper money, and hence it can be concluded that which cash will remain king, the cashless economy might definitely play a second fiddle to it.
