How India Fares on the Global Payments Landscape
With the demonetisation effect, resulting in scrapping of old Rs 500 and Rs 100 currency notes, kicking in from November 8, the worry for every Indian who does not use non-cash means to pay for bills has been growing by the day.
Prime Minister Narendra Modi in his 'Mann ki Baat' radio programme on Sunday made a strong push to turn India into a cashless economy. He said demonetisation of high value currency notes was a step forward that would rid the country of unaccounted hidden wealth and corruption.
He urged people to start learning how the digital economy works wherein one can use mobile phones as banking devices and make payments.
"Learn the different ways you can use your bank accounts and internet banking. Learn how to effectively use the apps of various banks on your phones. Learn how to run your business without cash. Learn about card payments and other electronic modes of payment," Modi said.
"A cashless economy is secure, it is clean," added the PM.
Today, only two percent of India's consumer transactions are cashless. Globally, Canada is best suited to go cashless.
Here's how India is faring in comparison with the world in terms of global payments:
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