Insights and Trends in Business and Society


India’s Journey from Cash to Cashless Transactions

India has the second-largest population in the world with the number going above 130 crores. A few years ago, the number of people using cashless methods of transaction was very low compared to a large number of cash habituated residents of India. The cash flow was heavy as ever, as a result, it made tracking money very difficult. Thus, came the concept of digital India. Digital India focused on going cashless with as many transactions as possible. With the ever-increasing number of smartphone users in India, going cashless was possible. Many wallet apps came forward where you had to first deposit the money from your bank account in the wallet and then use it to pay bills, shop online, send money over to a friend’s wallet, etc. This led to many people experiencing cashless transactions and continuing further using such apps. This number was still less compared to the then ongoing cash-driven transactions. As years passed, more such apps came in forward. The game-changer, however, that led maximum people to go cashless, was what we use every day – UPI.

Unified Payments Interface – UPI, became a household term in cities in no time. It offers bank-to-bank payments. Unlike the prior system, you need not top up your wallet every time you have to make a transaction. UPI made the process safer and transparent when it comes to cashless transactions. From small business owners to teenagers who just opened their bank accounts,  using UPI apps for transactions became a norm. The number of people who preferred cashless went up drastically after the pandemic hit us. During the lockdown, paying online via UPI or internet banking was much safer compared to handing over cash to somebody. This period forced people to use the cashless methods and now they prefer it over traditional methods. 

Even if these UPI apps are a great success, many people still refrain due to fear of the system not being safe. They prefer banks who have been their trustworthy allies for many years. Well, no worries! Many banks have come forward with their mobile banking apps. These apps support UPI, internet banking and on top of that, they offer many of their bank services on apps so that you don’t have to go to the bank and wait in a queue. Now, you can get most of your bank-related work on the app. The app, belonging to a bank, seems more trustworthy and feels safer than other apps. Tasks such as money transfers are easily done within a few clicks on the smartphone. The best bank app for you, if you don’t have a bank account yet, would be the one that suits your needs and offers the services you want. In times as such, it is necessary for one to have their bank account to avoid contact with anybody. What’s more interesting is that you get amazing discounts while using these apps. A pro tip – don’t miss out on these offers!


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Agatha Correia Pinto, a social media strategist, shares actionable tips and strategies for successful social media marketing.

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