I and my spouse were having a fight, how much money is enough for a teenager as a pocket money? I came to a figure of 250 INR and he wanted to round it off to 300 INR to eliminate the possibility of getting into the hassle of finding change. Just a perfect day of our fight - 08-Nov-2016, the red lettered day when the 500 and 1000 rs notes were banned, and media was flooded with #EmpowerCashlessEconomy. We had a brilliant idea, how about providing our son with a digital wallet! That way we eradicate the probability of finding change, also as it would be in dematerialised form there are no threats of theft and we would know where he spends his money!
Thanks to Mr. Narendra Modi and his #AacheDin, we resolved our parental issue with technology that also leads to #SwaachEconomy
So what else are the ways to utilize demonetization for a technologist like me working for a #Fintech firm like Teknospire? I and my colleague had a brainstorm and here are the ramblings of it –
As a Technologist
- Adoption to Newer Technology – Be it by force or choice one has to adapt to the changes happening around, and that’s exactly how demonetization is affecting us. Adopting to newer means of payment like Digital wallets, Debit or Credit cards, Online Transfer, IMPS, or through e-vouchers is the new mantra! Get away with a habit of stuffing cash in your wallet; instead look for apps/websites that help you in going #cashless.
- Our Visit to Kirana/grocery Shop – Our blogSmall walk to the nearby grocery shop means “Get some Cash” and “Get some change” . Demonetization helps us in paying by card or through our digital wallet via phone; In a way, we are forcing the shopkeeper to be a loyal taxpayer. An effort towards #SwaachEconomy
- On My Long drive/Journey via train – With wifi available now in at Railway Stations, Airports, and other public spots, connectivity would be a thing of past. So next if we are on a long journey, we do not need to stuff wallet with “enough cash” with free wifi and a smartphone, I could easily go #cashless and empower #SwaachEconomy
- Booking a dream home – With demonetization of higher currency notes, next time we look for a dream home, builder may not be keen to ask for “Cash adjustments”. Providing payment via cheque/Demand Draft or through online transfer would surely help in empowering #SwaachEconomy.
- Newer Denomination and new currency note - A news reported by trak.in says - As of March 2016, a total of Rs 16,41,500 lakh crore worth of currency notes are in circulation in India, with Rs 500 and Rs 1000 accounting for 86% of the total value of the notes. Considering the fact that all the old 500 and 1000 Rs note now being void, you could assume the #BlackMoney meter in India to be reset to zero. A boost to #loyaltaxpayers and empowerment of #SwaachEconomy
As a Fintech Firm
With each of the above points of #CashlessTransactions and #SwaachEconomy, the solutions offered by #Fintech firm could surely be handy –
- Apps/Websites supporting cashless transactions.
- Solutions specifically designed for kids to manage their pocket money or a small in-house business with his friends being his customers.
- Solutions that could be handy for a stall owner who serves delicious tiffin services or vada-pav.
- Offerings that helps local housekeeping to get money into their account by the end of every month.
- Resolutions that promote new age technologies like Bitcoin or Blockchain.
- Offerings equipped with virtual reality/augmented reality that help wanderlust while he gets struck on a highway on his Harley Davidson and is out of cash!
- Apps that help a homemaker to manage her milk, newspaper and laundry bills and payments.
- The intelligent devices equipped with #InternetofThings helps a spinster's house, to check what all is missing from the refrigerator and conveys to local grocer, who delivers the order and gets the payment via the digital wallet
- Offerings that make a possibility of shopping anytime anywhere!
The #cashflow might have decreased in the short duration, but the long-term positive impact is overwhelming! While at one hand people are confused about what needs to be done, there are speculators and chasers who are in the race of gaining the maximum from the change. The change to go #cashless, the change to empower #SwaachEconomy, the change of #DigitalIndia! Are you with us?
References What is the profit that Paytm is going to make as a result of the demonetisation of 500 and 1000 currency notes?
How Demonetization Could help in FinancialInclusion and Fintech Firms to Empower CashlessEconomy!
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