Comments
Despite the push to cashless transactions through a variety of digital payment options, Indians seem to be going back to using cash a year after demonetisation. A recent study by MicroSave tracks the efforts to promote a less cash society by public sector banks and the National Payments Corporation of India.
Key Steps : “The task of building a less cash eco-system is colossal but not impossible,” according to the study.
Identify and on-board merchants : Merchants become critical in promoting a less cash ecosystem, especially in rural India.
Installing acceptance infrastructure : Once merchants have been on-boarded, banks must provide appropriate acceptance infrastructure at their shops. Options can include economical and compact card swiping m-PoS terminals or platforms such as BHIM Aadhaar Pay, Bharat QR Code
Train merchants to facilitate digital payments : Merchants must be trained in conducting digital transactions, and in turn they can train customers, especially in rural areas.
Customer education : Mass media platforms, financial literacy campaigns, live, hands-on training on digital transactions and create “product champions” at the village level to promote a steady uptake of digital payments.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.