Cashless Transaction Lessons from India

Cashless Transaction Lessons from India

Paytm is a rising non-cash payment system in India that serves payments for almost all types of transaction needs in modern stores to traditional markets. In India, the muddy market for vegetables has penetrated the Paytm network with special-marked merchant stalls, something that is not easy to apply in other countries. This application includes easy to apply in the field including on the market. Users who open the Paytm application on smart phones only need to scan the QR code installed in the store or merchant when shopping. All transactions, can be completed by Paytm. This is better known as a cashless society. This term is not new in the world. The benefits are positive, in terms of ease of transaction, security, and of course efficiency. How much paper can be saved by reducing the currency circulating in the community later. Easy operation, made Paytm services increase as the Indian government policy conducted demonstration in November 2016. Initially demonetization was carried out to limit the movement of black money which became a major program to eradicate corruption by PM Modi.

Demonetization made the banknotes worth 500 and 1,000 rupees removed or withdrawn by the government. The rupee with two fractions controls 86 percent of the circulation of money in India. Paytm aka “Pay Through Mobile,” successfully took the impact of the policy and made it the largest digital wallet in India with 220 million users. Paytm Utilization has taken root in remote areas in India. There are 82,746 traders in remote areas of India who are connected to Paytm. Of course this is a rapid progress, because in 2012 86.6 percent of transactions in India were still made by cash. Statista noted that in 2017 the total value of digital payment transactions in India is estimated to reach $ 43.8 billion.

Cashless Transaction Lessons from IndiaaIndia has quickly succeeded in switching to digital transactions. In general, India presents two methods of payment or cashless transactions or non-cash transactions. First, utilizing USSD, the technology we usually use to check pulses * 123 #. Second, using UPI technology, aka the Unified Payment Interface, this technology is used in the Paytm application. Paytm, obviously not the only digital wallet in India, the rest is Aadhar pay. Aadhar pay is somewhat special, this digital wallet was directly promoted by agen bola and PM Modi.  This application has transaction service capabilities, where users simply put their fingers when transacting. Unfortunately Aadhar pay is far behind compared to Paytm. Paytm is moving faster. This application successfully obtained permission from the Indian central bank, Reverse Bank of India. Paytm can operate like other conventional banks, but has some limitations of banking functions.

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