How to live a cashless life in Delhi NCR

Mobile Wallets have dawned us

Since the advent of the mobile revolution in India, we all have been truly fascinated by the simplicity of the managing all micro tasks right from the palm.

The e-comm market also boomed past in the recent decade, setting a milestone for India’s purchasing potential in the digital arena.

But, we are still stuck with an old habit of using the cash for most payments.

Here, COD popularly stands for Cash on Delivery instead of Call of Duty or Chemical Oxygen Demand. 
There is a common sense of pride in taking out and counting various sizes of Gandhi-papers that is by far unmatched for the apparently hip society.

This legacy is not so surprising in a country where Gods of Wealth are adorned with banknote garlands and more than half of the population doesn’t have a bank account.

Well, still moving past the stereotypes we have also seen the inception of the digital payments followed by the gentler offsprings or the mobile wallets.

Before we get started with our idealistic approach to go cashless, I’d like to clarify that the title does not intend to boast Delhi NCR as the only region in India where it is possible. It is simply a generic discussion of a wider range of existing enforcements of the digital infrastructure required to go cashless.

Let’s take a sample space of 7 days of a week to illustrate the general expenditure cycle using the mobile wallets. 
Someone may also portray this as “Become m-payment savvy in 7 days” but this is not a clickbait.

Day 1

Commute

Transit modes:

Personal vehicle - Fuel via HPCL or Indian Oil pumps [Paytm]

Car Cab - Uber / Ola / Meru [ Paytm, Ola Cash, Debit/Credit cards, Airtel Money, Netbanking]

Carpool - UberPool, Ola Share, ibibo Ryde [Paytm, Ola Cash, Debit/Credit cards, Netbanking]

Subway - Delhi Metro [ Credit/Debit cards, Paytm + AVM verification at station]

Auto - Jugnoo / Ola Auto [Paytm, Ola cash ]

Bike Cab - Baxi / UberMoto / Rapido [M-wallet, Paytm, Airtel Money]

Bus - Shuttl [Paytm]

E-rickshaw - Ola [Ola cash]

Day 2

Utility bill payments

Mobile [Paytm / MobikWik / Freecharge]

DTH [Paytm / MobikWik / Freecharge / Oxigen]

Electricity [Paytm / MobikWik / Freecharge]

Gas [Paytm / MobikWik / Freecharge]

Landline / Data Card/ ISP [Cards / Netbanking / Paytm / MobikWik / Freecharge / Oxigen]

Water [Paytm]

Day 3

Food & grocery

Order food online - Foodpanda / Zomato / Swiggy / Other platforms [Cards, Netbanking, Paytm, MobikWik, PayUMoney]

Grocery and household items - Grofers / BigBasket / PepperTap / Amazon / Paytm[Cards, Netbanking, Paytm, MobikWik, PayUMoney, Freecharge]

Dining -Most top food chains and restaurants [Cards, Paytm, MobikWik]

Day 4

E-commerce

Electronics - Flipkart, Amazon, Paytm, Snapdeal, eBay, Shopclues, etc. [Cards, Netbanking, Paytm, MobikWik, Freecharge]

Apparel and accessories - Flipkart, Amazon, Paytm, Snapdeal, Jabong, Myntra, Koovs, etc. [Cards, Netbanking, Paytm, MobikWik, Freecharge]

Home and furniture - Flipkart, Amazon, Paytm, Snapdeal, Pepperfry, UrbanLadder, FabFurnish, etc. [Cards, Netbanking, Paytm, MobikWik, Freecharge]

Books and Media - Flipkart, Amazon, Paytm, InfiBeam, etc.[Cards, Netbanking, Paytm, MobikWik, Freecharge]

Automobile - Flipkart, Snapdeal, Paytm, CareWale, Droom, etc. [Cards, Netbanking, Paytm, MobikWik, Freecharge]

Day 5

Tickets & services

Event tickets: BookMyShow, Paytm, KyaZoonga, Eventbrite, etc. [Cards, Netbanking, Paytm, MobikWik, PayUMoney]

Financial services - Flipkart, Paytm, MobikWik, etc. [Cards, Netbanking, Paytm, MobikWik]

Home and personal services - UrbanClap, HouseJoy, Zimmber [Cards, Netbanking, Paytm, MobikWik]

Day 6

Banking and fees

Each financial institution or bank provides a dedicated smartphone app for handling each type of banking services including loan payments, insurance, EMIs, FDs, MFs, EFT, IMPS, etc.

Educational institutions are accepting most forms of digital payments primarily using the gateways from SBI, Kotak and Union Bank.
Paytm has introduced a new section of online fee payment for selected institutes.

Day 7

Where cash is hard to replace

Alright, so we have come a long way.

But, the elephant in the room manifests as the situations where cash is the easiest or obvious choice.
This can include the monthly payment to your maid, security guard, driver, chai wala, rickshaw wala, street vendor, etc.

Now, the last day is the stage where one needs to leap for the last mile coverage. It is your who is empowered with the digital wallet and hence it becomes your social responsibility to acknowledge the other fellow.

It can begin with something as simple as

“Hey! Would you mind if I pay you in the form of mobile recharge ? :) ”

Or something as complex as

“You know nowadays payments are made instantly using mobile phone and the money goes directly into your bank account. You can then withdraw cash from ATM as per your convenience later! ”

The probability of your success will vary from person to person, but maintaining a convincing attitude towards mobile payment can go a long way in the awareness of the lower sections.

Your simple mention can enlighten almost 15–20 persons every week. That’s another form of financial education that can be granted by you to hundreds of innocent fellas who won’t actually mind.


Quick Payments Stats in India

Less than 5% payments are electronic.

60% E-comm payments are CODs.

Cost of cash-based economy on the nation is 0.25% of the GDP.

Among 300 Million mobile internet users, over 120 Million mobile wallet accounts, growing at a pace of 183% YoY.

Estimated size of the black money (non-digital) economy is between 30% to 75% of the GDP.


Futuristic digital payments

UPI

Unified Payment Interface announced by RBI is the future of hassle free digital payments.

It will allow any user to pay to a merchant or to another account using only the UPI Id or QR code of the recipient and the M-PIN allotted by the bank.

UPI enabled app system will require only a single id that can be one of Aadhar number, mobile number, card number or account number to register.

NFC payments

Despite their existence since 2010, NFC based payments are still not taking off. 
But with the incoming service Apple Pay, Android Pay, Samsung Pay, etc. it will soon be a reality across most metro cities.

Indian market will adopt NFC payments by 2018.

Bitcoin wallet

For the geeks who understand the deadly potential of bitcoins, yes it’s finally here in India.

Checkout Zebpay, Unocoin and CoinSecure. These startups are doing wonders in terms of bringing the bitcoin to the masses.

And for those of your eyeing for a short term investment, go ahead and buy some bitcoins as it grew nearly 70% within the last month.


Hope you enjoyed the food for thought.

It is surely difficult to go completely cashless, but with certain efforts it’s possible for most of us to go 95% cashless.

Suggestions and improvements are always welcome. 
Feel free to share your feedback!

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