The march towards a cashless society

It has not even been a week since the big demonetisation announcement and people and institutions are still coming to terms with the impact. IMO, it should be a net positive for the country and accelerate the move towards a cashless society. In the past week, I managed to get my dentist to get started with Paytm and also pay for my haircut using the same mode. Nonetheless, going around with just Rs 60 in valid paper currency with no usable ATMs in sight doesn’t give one much confidence.

Controversies and short term cash crunches aside, I am really looking forward to the cashless future. I did a quick analysis of my expense modes for this year and around 83% of my transactions are cashless. I expect this will cross 90% pretty soon. Some of the outlets that were cash only like the local grocery stores and saloons have already started providing cashless options after the developments last week.

expense-2016

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