India's dependency on cash may slow the country's transition to digita...
SATARA, India - India’s dependency on cash may slow the country’s transition to digital payments despite large numbers of internet and mobile phone users.
“If I need money urgently, I must make a 32 kilometre trip to Satara town, which is not always possible,” said the 37-year-old sugarcane farmer Shinde, while buying fertilisers for his winter-sown crops. But 99.3% of the junked currency is back in the banking system, suggesting that only a miniscule portion was unaccounted illicit money or fake currency notes, and India’s addiction to cash is now, perhaps stronger than ever.One of the key objectives of the note ban was to discourage the use of cash, but India continues to see a surge in currency in circulation even as economic growth has slowed to a six-year low.
To promote digital payment, the RBI has established “state of the art payment systems that are efficient, convenient, safe, secure and affordable” that has resulted in a rapid growth in retail digital payment systems. India has the fewest ATMs per 100,000 people among BRICS nations, according to the International Monetary Fund. Banks hobbled with bad debts have struggled to absorb the cost of software and equipment upgrades mandated by the central bank last year, along with higher land costs in the cities.Other factors such as the country’s rural-urban divide have also affected the migration to electronic payments.
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