Why India is not Ready to Be a Cashless Society Fully, Explore the Reasons Beyond it
During this time of financial uncertainty due to changeover of the country’s currency regime, everywhere in the country the prime minister has taken an initiative to go cashless. It can save time and also it is a voice raised against black money. Unlike these, there is a question arises why India is not ready to be a cashless society, yet? There are 11 reasons for this as follows:
- Long Queue For Cash Or KYC
A sudden change in currency regime created chaos and also long ATM lines in the bank created hassles and millions of people struggling badly. There is not enough cash available in the bank and the rules also keep changing. Many people don’t have suitable ID to present in the bank, as a result they are unable to withdraw or deposit their cash.
- Cyber Security for Online Transaction
India’s hope of going cashless society is yet to be not accepted by many people. There is lack of cyber security, which causing the result of stealing your data is unavoidable. You can face skimming of withdrawing your cash from your account. By online shopping or transaction it is very much has the chance that your details might get hacked by someone.
- Internet Connectivity in Rural Areas
There are many village areas exist in India. You can’t find a network connection or good ATM for online transaction. Then the concern is how one could be cashless or ready to be cashless. There is lack of technology in rural places that would make this initiative of cashless society a bit complicated.
- No Laws for Cyber Crime in India
When the customer used their cards for online transaction, all the detail of the card is received by the machine. This is sometimes not safe for the online transaction or shopping. In India there is no such law for avoiding cyber crime. This way India is not ready to be cashless.
- Less Awareness on Digital Marketing
India’s current economy meets with a crucial inflection point due to the struggle of being cashless society. Due to lack of digital awareness people are facing hassles and also wasting their time in learning this.
- Lack of Availability of Cash
Now the banks are facing tremendous crises of currency notes. The lack of availability of currency is the extensive reason that India is not ready to go cashless yet.
- Malware Attack on Your Device
The dream of cashless India is yet to get into reality. Because there is a chance of virus attack on your device that can lead you no cash before cashless.
- Availability of Users Device
India is a vast country with extensive population. Everyone doesn’t carry a proper device where they can able to do online transaction. This can affect India to become a cashless society.
- Most Features does Not Support Data
There are some devices available that does not support data or online transaction. In India there is the mixture of people. Some people pocket does not support to buy a smart phone usually lead the society to rethink if India is ready to become cashless.
- Payment Capacity
At this point there is no sufficient transition of technology can provide you debit or credit cards. That led to demoralized India to become cashless society.
- Security Concerned
The main essential priority of going cashless is to safeguard your details. Due to lack of policy and hackers in the market more often it is a question that if India is still ready to become a cashless society, yet!