Digital Economy

The demonetisation drive has forced millions of Indians to not just queue up at ATMs but also fall in line with the Narendra Modi governments digital push.The  cashless transactions have been increased to four times since November 8, when a drive to scrap rs. 500 and rs. 1000 notes was announced by our honourable Prime Minister,Narendra Modi and no doubt,the smartphones have played a vital role in driving towards cashless society.

But as no option being provided by the payment facilitators in smartphones to transfer cash from one payment service provider to other payment service provider and also the simple mobile handsets are not embedded with smartphone features which restrict the majority of the rural population from cashless payment transactions through mobile handsets.So, What we actually need is to facilitate the cashless transaction facility through mobile handset
itself without the need of smartphones so as to enable the rural people to do cash transactions from their mobile itself.This could only be possible when the service providers will provide freedom to enable the cashless transaction services on mobile handset and not only the limited services that are currently being offered by a particular service provider.Currently,the top up services offered by the service providers are “Closed wallet” services which are limited to only a few services fixed by a particular service provider.

So, there is a need to transform the top up “closed wallet” services offered by a service provider to a “semi closed wallet” system which will aid in facilatiting the cashless payment transactions through their mobile handset without the need of smartphone features  and payment wallets.And as the services offered by the service providers follow the
global standard ,so the cashless transactions will also be embedded with high security features that will facilitate a safe and robust environment for cashless transactions.

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