Corona scare must have made Narendra Modi very happy for one reason. His dream of cashless economy seems to be becoming a reality. Though Modi envisaged cashless online transactions during the demonetization, it was only partially successful. But, thanks to Corona scare, the online transactions are likely to jump from 60 per cent to 90 per cent.
One major reason for this is the fear that Corona virus could be transmitted by touching the currency notes. As a result, many people are taking to online platforms for monetary transactions. Significantly, Modi's marvelous moves such as the popularization of the POS machines, increasing usage of credit and debit cards, promotion of online transactions the massive opening of SB accounts under the Jana Dhan scheme have helped in direct cash transfer benefits, deposition of subsidy amounts and others. Hence, once the lockdown began to be implemented, the number of online transactions has increased exponentially. Growth in the internet speed, availability of online connectivity and the spurt in the sales of mobile phones have quickened the online monetary transactions.
Quite significantly, the download speed has also grown in India. We are better off compared to China, Sri Lanka and Israel in terms of Internet speed. This too has helped in the growth of the online transactions.
One major reason for this is the fear that Corona virus could be transmitted by touching the currency notes. As a result, many people are taking to online platforms for monetary transactions. Significantly, Modi's marvelous moves such as the popularization of the POS machines, increasing usage of credit and debit cards, promotion of online transactions the massive opening of SB accounts under the Jana Dhan scheme have helped in direct cash transfer benefits, deposition of subsidy amounts and others. Hence, once the lockdown began to be implemented, the number of online transactions has increased exponentially. Growth in the internet speed, availability of online connectivity and the spurt in the sales of mobile phones have quickened the online monetary transactions.
Quite significantly, the download speed has also grown in India. We are better off compared to China, Sri Lanka and Israel in terms of Internet speed. This too has helped in the growth of the online transactions.