The world’s biggest economy, India, has gone cashless after customers have switched to e-payments.
According to CNN, the e-payment revolution will help India in becoming an economic superpower.
The Prime Minister of the fifth biggest economy on the planet, Narendra Modi, said he wanted India to be considered a ‘developed’ country by 2047.
The economics profession at Cornell University told CNN, “Digital payments are likely to enhance India’s growth by eliminating frictions, increasing efficiency, and reducing costs.”
He furthered, “UPI and the broader digitization of the economy could also increase the inclusiveness of this growth.”
Moreover, digital payments are made through Unified Payments Interface (UPI) system that allow user to transfer funds instantly by scanning QR code.
It should be noted that in 2016, 96% of the transactions in India were conducted with banknotes.
However, the government of India claimed that now more digital payments are completed in India than in any other country. Even the number of UPI transactions reached 100 billion in 2023.
Agarwal, who worked in a shop for 65 years, said, “I have seen this country change. We very rarely get cash payments.”
Agarwal added, “If anyone gives me an option to go back to cash payment, I will just say I am not interested.”
