DIGITAL INDIA : ITS FUTURE

Digitization of the country started long back around 2005-06, but the real giant leap forward has taken place from 2014. Credit card and Debit card issuance has started by Banking System intensively and a big boom has yielded in this field due to four five big players like, SBI, HDFC Bank, ICICI Bank, Axis Bank etc and later on Kotak Mohindra Bank and Yes Bank also joined the big league.Small Public Sector Banks also not left far behind and many banks made it almost mandatory to issue credit cards to its customers when they approached at branches for opening their accounts. The master project  'Pradhan Mantri Jana Dhan Yojona' of the Prime Minister Mr Modi also acted as a catalyst behind this and introduction of India's own gateway for payment 'RU PAY' was introduced to make this digitization more friendly to common man.

After advent of Android based smart phone in the market , the payment gateways reached to public more easily.Almost 75% of population of the country is using a smartphone and having at least an ATM debit card. Moreover Banks are indirectly creating pressure on members of public for doing more and more cashless transactions. For small cash transfer/receipts and payments Green Channel POS terminals are available in each Bank branches 

Introduction of Mobile Banking  and e-banking in Banking arena has also made thing easier for common people to transfer their funds more quickly and efficiently. Moreover transparency of each transactions under this digital payments has blocked the avenue of money laundering and tax evasion. 

Transfer of larger amounts through Banking System is now done under surveillance of Reserve Bank of India through Real Time Gross Settlement (RTGS) and NEFT. To make the things more easier ,these facilities are available on Sundays and holidays also.

 Introduction of new player in this field like Paytm, Sanpdeal, Zobong and other e wallets through smart phone the payment through online has reached in its peak in metro areas and many Tier II and Tier III places. 

Google has made a survey and analysed  this trend recently. They say that use of digital wallet by Indian will reach at approximately 15% of country's GDP( Gross Domestic Product)  in 2020 and India will become third largest user of digital payment gateways. It also analysed and found that approximately  60% of present digital utilization is in retail, eateries and transports.

So, as per the current trend of the user we can easily hope that digital and total cashless India is coming to us by another 4/5 years and this will take our country's economy to a new height where its presence will be strongly felt among two three top economy of the globe.