3rd side to Digital’ism

There is a reason why people use cash: it ensures privacy, but more importantly it empowers its users to buy and sell what they want without fear of surveillance. They can stay outside the financial system if they so choose and that is their right.

Always keep your sex life, income and your next move private.

Its everyone’s right to use cash and its completely 100% upto people to choose cash/digital mode.

In Germany 80%, Australia 65%, France 55%, canada52%, US 46% transactions are in cash so if you are telling me that its a sign of developed country then thats absolute shit.

With ongoing digitalisation in India there are very serious issues with privacy.

Yes, when it comes to large commercial transactions for example real estate transactions, payment of certain taxes, remittances abroad, using digital currency makes sense and that actually adds value to the tax system.

But to say if an adult wants to buy a condom, or a young lady wants to buy a lingerie, or young couple wants to book a honeymoon or an elderly citizen wants to buy an adult diaper then they must leave a record of what they do or what they buy, is a serious invasion of privacy and we need to start thinking about it right away.

Privacy is non negotiable. Its the right of every Indian.

More importantly to understand does it really help our country’s economy or who benefits from this actually is the matter we need to anlyze.

In India we have approximately 18 lakh crores of cash of every denominations altogether.

If a 100 rupee note exchanges 10 times a day then its value still remains 100 and no third party makes money but on the other hand in digital mode for every 100 rupee transaction 1.5 rupee is dedicated for some third party.

If a 100 rupee transaction is done 10 times a day in digital mode some unknown third party makes 15 rupees.

For instance, Paytm charges a flat 3 per cent for transferring money from your wallet to your bank account. Similarly, Mobikwik charges 4 per cent of the transfer amount.

Rest, I leave the math upto you guys to how much money is made in a single day in a country of 1.2 billion people by unknown third parties.

Summary……

There are no free lunches in this world and everything comes with charges attached. Yes, digital payments are convenient and are gaining traction and although the fees may not seem like too much, over a period of time they can eat into your overall account balance.

Now the choice is upto you to decide what you wanna do.

Next article “3rd side to free wifi at public places”