Arunachal has taken a historic step to go cashless with the inauguration of the Digi Dhan Mela on January 20 in tune with the Government of India’s programme of 100 cities, 100 melas for a cashless economy. Merely 26% of India has internet access, and there are only 200 million users of digital payment services. The World Bank’s Global Findex shows that Indians are significantly less familiar with digital banking – the use of credit or debit cards, making transactions using mobile phones, and using the internet to pay bills – than their peers in middle-income nations.

The journey poses more challenges for us than the rest of India because of the lack of banking coverage and also the non-existent net connectivity plus not to forget a majority e-illiterate populace.

Even within the capital complex, the most advanced urban pocket, business establishments etc still operate on cash. Shops with POS facilities are countable and poor internet makes using them another cause for headaches. This scribe used card for payment at an eatery but the machine declined and had to pay by cash. However, later it was found that the said amount was also deducted from the account. This caused much heartburn, with several visits to the SBI Itanagar to get the problem rectified; making matters worse were the indifferent staffers of course.

For a nation which likes dealing in cash, it is a mindset issue that will take a lot of time and effort to change. Till mid 2015, less than 5% of all payments happened electronically. India continues to be driven by the use of cash. This is due to lack of access to banking for a large part of the population as well as cash being the only means available for many. Large and small transactions continue to be carried out in cash. Even those who can use electronic transfers, use cash. 

Since Prime Minister Narendra Modi announced demonetisation of Rupees 500 and 1000 notes on November 8, a largely reluctant public has been forced to turn towards cashless or electronic transactions.

If Arunachal wants to get on the digital-cashless bandwagon it needs to reach out to its villages. State-wide financial literacy campaign accompanied by a medium-term strategy to improve access to, and awareness of, electronic payments. Targeted financial education programmes can improve financial skills and credit management, and increase account ownership.

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Kenter Joya Riba

(Managing Editor)
      She is a graduate in Science with post graduation in Sociology from University of Pune. She has been in the media industry for nearly a decade. Before turning to print business, she has been associated with radio and television.
Email: kenterjoyaz@easternsentinel.in / editoreasternsentinel@gmail.com
Phone: 0360-2212313

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