“Mr. Rohit, what are your thoughts on cashless procedure of payments?” Someone asked me at an online form conversation.
I answered which I gave often “In cashless scenario I only support bank to bank or a minimum number of middleman involvement between a Citizen payee and a citizen payer in a transaction .”
Money is a very sensitive material for a country, no matter in which form it exists. Money transfer have the same level of importancy as having money in human society. The first foremost base change in being cashless is about change in storage location of money and access become from physical to virtual. From a governments’window, being cashless comes with the flow of money in capitalism economy wheel and profitable for growth of businesses. From Citizens’window, storage of money at government approved places comes with a risk of failure of that place; obviously a bank can fail anytime. A single or particular Bank failure is a truth in growing economy because of corruption where money of others are safe inrespactive of your. Future is always at risk if we can’t guarantee of any type against the nature of failures of bank and Like such firms.
The second issue with being cashless and the base of this article is about involvement of private e-wallet type middleman and their growing affect in absence of a solid, simple and good interface methodlogy of government. Private e-wallet like should be an option for people, not be a mandatory. Cashless economy success can’t happen with a heavily dependency on private e-wallets. However if talk about bitcoin transaction method that is not controlled by any third party but it’s also truth bitcoin take responsibility for any citizen of any country.
Indians seems to take it all wrong with suggesting each-other use of private e-wallets more and more. A lot of involvement into a money transaction is not good in long terms. It is like a ‘mahazan' betweens farmers and Civilions in old era. That can bring a dramatic chaos. So we have to control the second issue as well as first.
So private e-wallets are not pure solution in direction of being cashless. And the answer of question about money storage failures have a significant value as well.