7 Ways India Can Move Forward a Digitally Driven Cash Less Economy
Can remonetization overcome the demonetized phase in country?
The boldest move of law of land to conquer black money has squarely taken a hit to consumption. But, what citizens can do given the situation that he finds himself in 60 days after demonetization?
Whether it’s a choice or were people left with no choice, a bank account to the mobile phone is the lead, which many of us have taken in all this while after demonetization. However, there are certain sectors which have fallen down by a large scale i.e. Real Estate, Restaurant Business, FMCG sector, Commodity market etc. But, do you think in a sort of this imbalanced atmosphere, "Remonetisation can overcome the demonetized phase of country?”
In a country like India, where 90% of the transactions are cash transactions that we all make, could remonetization be fight over demonetization of currency? The concern for investments is predominantly a major issue as it is a gestation period for investment in Indian market, according to C Bhargava, Chairman of Maruti Corp.
The acceptance of digital wallets among people in the span of 60 days has taken an unprecedented hit with alone opening of 180 PayTm accounts in two months. According to investors and bankers, with the steady beginning of 2017, 'January is going better than November and December.'
Catch here what can we do to ease our transactions. These #8 ways tell us how we can we ease this phase and make it as good as we can, or even better.
By-pass the cheque system
How many of us carry a cheque book in pocket? Hardly, a few of us. What we all carry with us is our mobile phones, which is going to be the real changemaker of this era. With the development in banks and consumers in raising net banking accounts, soon there going to come a phase that we will by-pass the cheque system.
Say 'No' to the panicky!
In the situations like demonetization, the first and foremost wise step is to avoid the decision making in panicking attitude. Although, panic is a reflex reaction that comes with the unexpected developments like the demonetization, but the people as well as the investors should always be wise enough in making decisions related to reallocation of assets, investment in market etc.
Behavioral change is required
With 90% of cash transactions that we all make, what demonetization has brought in is the great deal of behavioural change in consumers while making payment. The switch from cash to plastic money to digital wallets is the big change in behaviour of citizens of country due to demonetization. From Nov. 8, country has seen a shift in people that even a tea wala in the street has paytm in his shop to easily transact the money and receive payment from the consumers.
Pace with tech to handle finances
The need of the moment is to keep pace with tech to handle finances these days. Gone are the days when online transactions or net banking used to be a chap for metrpolitans just. Demonetization is transitioning India with the huge and rapid pace that now everyone has to learn and manage how to be digitally more strong. No matter if it's a bill, recharge, ticket booking or anything on the earth, the new digitally driven planet has taken a speedy lead in market.
Invest…Invest..Invest, holding too much cash with yourself will raise difficulty
Avoid the ways of stashing and saving money at home, or rethink your strategy to make it go better. Now is the time when cash at home can be a preferable option if you have an expense to be paid off within the period of 5-6 months. But eventually, the better idea is to invest the same in a short-term investment fund. Keeping a major amount of cash to yourself will land you in a situation like forgoing the higher returns that you could get through investment.
Need to be incredibly resilient
Being able to be resilient is all what is important for the country. One should always look for ways if something has been stopped or banned. Resilience is what has brought Indians overcome the demonetized phase and look for a further development in the switching payment modes.
Buy a piggy bank, lower currency can help in crisis
The easiest way to deal with the situation like demonetization is to have a collection of lower currency with you. The best way to accumulate lower currency is to buy a piggy bank for yourself or for the kids at home. This way one can easily make payments to the street vendors or rickshaw pullers below your office or home.
A firm believer of hard work and patience. Love to cover stories that hold a potential to change the momentum of business world. Currently, a part of all-women web team of Entrepreneur’s Asia Pacific edition to jig the wheel of business journalism!