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The government at the centre, which has been talking about bringing back <a href="http://www.businessinsider.in/searchresult.cms?query=black+money">black money</a> and curbing black money from generated within the country, has embarked upon landmark reforms. If these measures are implemented in a manner that their spirit is intact, black and illegal means of stashing away the money would soon be a passé. Because, the government is moving towards making the country cashless society soon, so that the transactions can be traced with the help of technology. 
 
This must be one of the most far reaching application of technology that can impact the common person who isn’t possessing a credit or debit card per se, since most of the banks till now extended this facility only to those who belonged to a certain income category, and it was really a matter of choice. 
 
Cashless country will transact with the help of financial tools such as bitcoin. Though this may take nearly a decade or two to make a shift completely, India is surely on the road to this destination already. 
 
While presenting <a href="http://timesofindia.indiatimes.com/business/india-business/Govt-proposes-tax-breaks-for-card-payments/articleshow/47772564.cms">Budget 2015</a>, <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had said cashless society will be a significant direction for India, which is treading the path of being the empowered nation as far as financial health is concerned. 
 
“One way to curb the flow of black money is to discourage transactions in cash. Majority of Indians can access RuPay or debit card,” he had said. With clearly an alternate structure in place, measures will soon be introduced that will incentivise credit or debit card transactions and discourage cash transactions from taking place. 
 
<a href="http://www.npci.org.in/">National Payments Corporation of India</a> has already launched RuPay debit and Credit cards to meet the needs of Indian consumers, traders, merchants and financial institutions such as banks etc. Flexibility of product platform and high levels of acceptance, along with hassle-free access and usage are among the strong reasons that RuPay is making inroads into various parts of the country. 
 If things work fine, the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> system will be integrated by April 1, 2016 to ensure fool-proof indirect tax system that will ensure transparency. Jan Dhan Yojana, Aadhar and Mobile transactions – referred to as JAM Trinity – will be used to put the cashless transaction methods in place. 
This will allow the country to benefit from cleaner transactions and leakage-proof accountability for any high value transactions which often breed black money. 
 
Internationally too, the concept has already found takers in the west. Recently, the UK Payments Council said in 2013, cashless payments made up to over half of the total payments made by business houses, consumers and financial institutions. The number is bound to increase with every passing year. 
 The Reserve <keyword id="6355303" type="CITY" weightage="20" keywordseo="Bank-of-India">Bank of India</keyword> Governor <a href="http://www.businessinsider.in/searchresult.cms?query=Raghuram+Rajan+">Raghuram Rajan</a> had recently endorsed the transactions aided by bitcoin would help make India a cashless society soon which had all transactions accounted for. 
 
Digital currencies seem like the future of all transactions for India, with the thrust being placed upon curbing illegal transactions and rising levels of corruptions in various offices. 
 
One of the main problems the country would perhaps face in the implementation and integration of cashless society and transitioning into RuPay or <a href="http://www.businessinsider.in/Bitcoins-India-Travails-Attempting-Big-Change-Through-SmallChange/articleshow/28268118.cms">Bitcoin</a> is the fact that these digital currencies have huge security issues that can turn into a challenge. That apart, huge population groups using these currencies can also pose a challenge if they are not planned for. 
 
Fluctuation value is another major issue that could raise pertinent questions on the transactions aided by digital currency. A stable store value is the most important aspect of money. Something that fluctuates can actually change the way money is being used in various forms. 
However, these concerns are being raised at a point where the talks are still on about turning countries into cashless societies. Since the stalwarts of digital currency would have perceived these challenges in some form or the other, safety issues would soon be addressed to provide at least minimal insulation to the end users. 
 
Such security challenges can jeoparadise the future of cashless society. But, addressing them with caution and care would only help the concept of cashless society grow into a norm, more than the exception. 
 
RBI is confident that the cashless society would soon be inevitable, and digital currencies would drive that change. More and more usage would only mean wider acceptance and down the line, these currencies will ensure the challenges being addressed and resources being distributed well among various classes of the society. Though digital currencies can address a host of problems, using them without exercising proper discretion can also put society into danger. 
 
Digital currency will address the growth of e-commerce which is booming in India. This is where the future is, and the country has chosen to walk the road of future than be left behind. 
 Image: thinkstock

Cashless society for cleaner transactions

Last Sunday Prime Minister in the radio programme ‘Mann ki Baat’, while addressing the country said, he wants the country to have less cash transactions, which will eventually make India a cashless economy altogether. No wonder, he won round of applause from the people. The basic aim of this, he said, is to curb black money and make sure each and everyone in the country pays tax to the government. 
 
There is no doubt about <a href="http://www.businessinsider.in/searchresult.cms?query=cashless&amp;sortorder=score">Modi’s goodwill</a>. However, before we start paying autowallahs and vegetable sellers in the neighbourhood through mobile app, let’s have a look at how the world’s first cashless economy in Sweden is doing. 
 
To believe media reports, Sweden is shaping up to be the first country in the world to plunge its citizens into a fascinating - and terrifying - economic experiment – a <a href="http://www.businessinsider.in/searchresult.cms?query=cashless&amp;sortorder=score">cashless</a> society. 
 
Sweden started the journey towards cashless economy since many years. Take a bus ride, buy a magazine or a chewing gum, digital payments are accepted everywhere. 
 
This is the country where, if you use too much cash, banks call the police because they think you might be a terrorist or a criminal. Swedish banks have started removing cash ATM machines from rural areas, annoying old people and farmers. There is a belief in the country that if you have to pay in cash, something is wrong. 
 
That sounds quite futuristic until you know the truth. The Interest Rate at Sveriges Riksbank, the central bank in Sweden is -0.500% since last February. 
 
Although retail banks are yet to pass on that negative to rate to Swedish consumers, the longer it's held there the more financial pressure there is for banks to pass the costs onto their customers. 
 
So here lies the danger. The commoners have to keep the money in bank and pay for it. They cannot withdraw cash and cash transactions are refused by retail stores legally. The senior citizens are the worst affected as they lack concentration to focus on mobile banking. 
 
It’s a fact that Swedish can’t hide their money. But citizens need to pay banks charges for keeping their money and that’s the way of survival. 
As per a Quartz report, surveys conducted by <a href="http://www.businessinsider.in/searchresult.cms?query=cashless&amp;sortorder=score">Riksbank </a>show that for transactions fewer than 100 kronor (approx. Rs 750), 41% of people still prefer to use cash. And the Swedish National Pensioners’ Organization, which represents some 400,000 of the country’s elderly, says 7% of its members never use bank cards. 
 
Now think of this situation in India. There are some millions of widows, unemployed and retired employees who thrive on bank interests for survival. After demonetization, we have seen interest rates of nationalized banks slumping down to 4%-5%, which is 3% below normal rates. Most people in the service sector has only one way to save their money – either through fixed deposits or several schemes, which gives a good percentage of annual increment. 
 
And what are the obstacles that can happen in a cashless society? There may be a rise in fraud rates, people’s discomfort about electronic footprints in <a href="http://www.businessinsider.in/searchresult.cms?query=cashless&amp;sortorder=score">semi urban and rural stores</a>. Another industry that would be badly hit by cashless economy is tourism, the proof of which has already begun to show in Sweden. A news report by The Guardian says that a grand music festival in Sweden sparked chaos after their payment system broke down. 
 
India heading towards a cashless economy is a great thing! But can the Indian middle class handle it?

Sweden is the world’s
first cashless economy and has negative bank interest rates. Can Indian middle
class handle it?

Want your children to know about cashless transactions and how the digital economy works? Mr. <keyword id="67392" type="UNKNOWN" weightage="20" keywordseo="Monopoly">Monopoly</keyword> simplifies this for you by introducing <keyword id="4899885" type="ORGANIZATION" weightage="20" keywordseo="monopoly-electronic-banking">Monopoly Electronic Banking</keyword>, a modern twist on the classic Monopoly game loved by one and all. 
	
	
	
	
	
	
	
	















 Inspired by the cashless drive and the move towards a digital economy in India, Mr. Monopoly made a historic addition to the classic board game by introducing a cashless version, encouraging players to upgrade to “Monopoly Electronic Banking” with a series of incentives. Check out the announcement here- 
 <div type="Youtube" id="qp1Myhe7pmk" title="Mr. Monopoly’s Cashless Drive - Hasbro Gaming India" thumbUrl="https://i.ytimg.com/vi/qp1Myhe7pmk/mqdefault.jpg"></div>



 Monopoly <keyword id="913802" type="ORGANIZATION" weightage="20" keywordseo="electronic-banking">Electronic Banking</keyword>, comes with 4 color coded debit cards and an easy play electronic banking unit. The game combines the best of classic Monopoly with electronic transactions. As with the original version, players still operate with money, learn real-world economics, competition and strategy, try to stay out of jail, and attempt to get super rich and ‘own it all’. <div type="image" title="A7444_DAD_Games_EMonopoly_US_6558" msid="60154849" hostid="261"></div>













































































	
	
	
	
	









 The in-game cash and bank is replaced with the 4 colorful debit cards that players can scan on a handheld Electronic Banking unit to make purchases and pay off debts. With Monopoly Electronic Banking, you can now store millions on your Monopoly bank card. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="image" title="E_Banking_Cards" msid="60163680" hostid="261"></div>




































 Monopoly Electronic Banking reflects how the real world now uses money and will continue to help players understand and learn responsible money management. Watch the video. 
 <div type="Video" msid="60159767" hostid="261" title="Inspired by the move to digital economy in India, Mr. Monopoly goes on a cashless drive" dataSource="BUSINESSINSIDER" thumbUrl="http://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=60159767&amp;ssoToken=97a80e8f8fc9461689dbe08e3ad77fb3"></div>



 To upgrade to this new avatar of the game, Mr. Monopoly is inviting his consumers to exchange any of their old Monopoly paper notes for a 100-rupee cash discount on Monopoly Electronic Banking at major toy stores. Alternatively, consumers who don’t own a monopoly set yet, can take a social pledge to “Join Mr. Monopoly’s Cashless Drive” on www.monopolyebanking.com and redeem the cash discount at www.amazon.in. The micro site also provides the consumer with details on the nearest partner toy store locations, where old monopoly paper notes can be exchanged to avail the Rs 100 discount.
 	

 The game includes 1 Gameboard, 28 Title Deed Cards, 16 Chance Cards, 16 Community Chest Cards, 32 Houses, 12 Hotels, 4 Tokens, 2 Dice, 1 Electronic Banking Unit, 4 Electronic Banking Cards and Game Guide.

	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	<div type="image" title="A7444EF10_5010994941345_main_15" msid="60154850" hostid="261"></div>














































































Monopoly Electronic Banking priced at Rs 1799 is available at all major retailers across India. <a href="http://www.monopolyebanking.com/">Join Mr. Monopoly’s Cashless Drive</a> (This post is powered by Monopoly and authored by <keyword id="210137" type="ORGANIZATION" weightage="20" keywordseo="hasbro">Hasbro</keyword>)

Inspired by the move to digital economy in India, Mr. Monopoly goes on a cashless drive

<keyword id="6355455" type="COMPANY" weightage="20" keywordseo="Indian-Railways">Indian Railways</keyword> is finally going cashless and will now have a Point of Sale (PoS) machines at its ticket booking counter. On the lines of <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, the railways has asked banks such as <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) and ICICI, etc to provide nearly 15,000 PoS machines at reservation counters. 
 
The machines are expected to be made available by Dec 31. Presently, there is no PoS machine and travellers have to pay through cash. 
 
"We have around 12,000 ticket counters. All of them would be equipped with one or more POS machines depending on the daily transactions. Managing cash is also a huge task for our staff. It would be beneficial for them as well if we could have enough swipe machines,” a senior rail board official told ET. 
 
The railways ministry will also go cashless for paying vendors and contractors. 
 
Railways already has 95% of its freight collection cashless.

You will be able to swipe your debit/credit card at railway ticket counter soon

Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> took to LinkedIn and once again appealed people to turn towards <keyword id="6445679" type="UNKNOWN" weightage="20" keywordseo="cashless-transactions">cashless transactions</keyword>. 
 Since the announcement of <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> on Nov 8, banks have been working overtime to provide new currency notes to people. However, the lines outside the banks and ATMs are getting bigger, providing no respite to the common man. 
 Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> has said the demonetisation effect will stay for at least one or two quarters. 
 
The demonetisation move wiped out 86% of the cash from India overnight as Rs 500 and Rs 1000 were announced as illegal tenders. 
Meanwhile, Modi appealed that large volume of liquid cash leads to corruption. 
 
"In 21st century India, there is no place for corruption. Corruption slows down growth and takes a toll on the dreams of the poor, neo-middle class and middle class," he wrote in an article posted on Linkedin.com. 
 
"Large volumes of liquid cash are a big source of corruption and black money," he said while referring to his "historic" decision on November 8 to scrap Rs 500 and Rs 1000 notes with an aim of ending corruption and black money. 
 
He said all young men and women should inspire others to turn cashless and this will set the strong foundations of an India where there is no place for corruption and black money. 
 
"Today we live in an era of mobile banking and mobile wallets. Ordering food, buying and selling furniture, ordering a taxi...all of this and lot more is possible through your mobiles. Technology has brought speed and convenience in our lives," he added. 
 
Along with the article, he posted pictorial references to cashless options like credit cards. 
 
"I am sure most of you are using cards and e-wallets regularly but I thought I must share with you ways through which increased cashless transactions are possible," he said. 
 
Modi said the November 8 decision offered "a unique opportunity" for small traders, who have a central role in the economic transformation of India. 
 
"Today, our trading community has a historic chance to upgrade themselves and embrace more technology, which will bring greater prosperity," he said. 
 
He said when he made the announcement, he was aware that the people of India "will face inconvenience but I had requested the people of India to bear this short term pain for long term gain. I am happy to see that the people of India are bearing temporary difficulties for the long term gain of the nation." 
 
The Prime Minister said over the last few days, he had opportunities to travel to rural as well as urban areas in Uttar Pradesh, Karnataka, Goa and Punjab. "Wherever I went, I asked the people - should corruption and black money be eliminated? Should the poor, neo-middle and middle class get their due? The answer I got everywhere was a resounding yes!"

PM Modi vouches for cashless transactions, urges people to bear short term pain for long term gain

<ul><li>Only 48% of urban merchants accept digital payments, according to a report. </li><li>Beyond awareness, infrastructure is still one of the biggest challenges faced by merchants. </li><li>Digital payments today accounts to just 10% of all transactions in India. </li></ul>Digital payments in India took off in a massive way right after demonetization, with the likes of Paytm leveraging the government move to become a household name. However, a new study now reveals that more than half of the shops in Indian cities want to stay away from digital payments. Awareness is not enough get Indians to use digital payments as only 48% of merchants accept digital payments, according to a report done by CUTS international. Expensive and unreliable infrastructure, unaware customers, lack of interoperability, transaction failures and charges are reasons why merchants don't prefer digital payments in India. Digital payments is still considered to have a big opportunity in India and even the likes of giants like Google didn’t want to shy away from it. Google had launched its first ever digital payments app Tez which is now called Google Pay in September 2017. However, even <a href="https://www.medianama.com/2018/09/223-google-pay-india-25m-maus/">Google Pay </a>which managed to have 25 million monthly active users, has only 1.2 million businesses on the platform in India. Cash is still king in India and digital payments today holds a mere <a href="https://economictimes.indiatimes.com/news/economy/finance/rbi-should-offer-digi-payment-licences-on-tap-says-industry/articleshow/67906710.cms">10% </a>of all transactions in the country. Recognising that, the Payments Council of India recently submitted recommendations to the newly-formed panel by the government for digital payments. The panel is headed by industry veteran Nandan Nilekani. The PCI suggested seamless <a href="https://yourstory.com/2019/02/india-rbi-digital-payments-council">access</a> to payments infrastructure and formation of a KYC bureau among multiple other things. While right after demonetization going cashless meant digital payments saw a huge spike in numbers, in 2018 the conversation rate actually fell. According to <a href="https://www.business-standard.com/article/current-affairs/upi-s-value-grew-700-in-2018-while-total-digital-payments-fell-1-119011300209_1.html">data</a> from the Reserve Bank of India, there was a one percent fall in digital payments in November 2018 when compared to November 2017. Regulations, too, form a major role in the adoption of digital payments in India. While the current government has been encouraging of India’s shift to digitization and has been promoting a <keyword id="3870560" type="PERSON" weightage="20" keywordseo="Cashless-India">cashless India</keyword>, mandates like compulsory KYC had halted the operations of many payment wallets. “More than 95% of the mobile wallets in the country could stop being operational by March,” said a senior executive with a New Delhi-based payments company to <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-kyc-deadline-may-punch-a-hole-in-wallet-companies-plans/articleshow/67430125.cms">ET. </a> See Also: <a href="https://www.businessinsider.in/rbi-wary-of-financial-fraud-by-anydesk/articleshow/68043224.cms">India’s central bank tells digital wallets to avoid this app linked to compromising confidential user data</a> <a href="https://www.businessinsider.in/paytm-takes-on-airbnb-makemytrip-oyorooms-and-trivago-with-its-latest-offer-hotel-bookings/articleshow/67755276.cms">Paytm is competing with almost everyone in Indian e-commerce</a> <a href="https://www.businessinsider.in/risky-business-indian-smartphone-users-have-a-whopping-50-apps-on-a-single-device-and-theyre-not-even-using-half-of-them/articleshow/67059536.cms">Risky business: Indian smartphone users have a whopping 50 apps on a single device, and they're not even using half of them</a>

Did you know: More than half the shops in Indian cities don't accept digital payments

When I was told about the ‘ICICI <keyword id="50691" type="COMPANY" weightage="20" keywordseo="Digital">Digital</keyword> Village’ at <keyword id="3896834" type="UNKNOWN" weightage="20" keywordseo="akodara">Akodara</keyword> in <keyword id="48360" type="CITY" weightage="20" keywordseo="Sabarkantha">Sabarkantha</keyword> district of <keyword id="6354766" type="COMPANY" weightage="20" keywordseo="Gujarat">Gujarat</keyword>, I was skeptical, because of two reasons: one, How is a ‘digital village’ possible with the lack of infrastructure? and two, when the cities are still cash economies with structured formal sectors, how can a single village be the exception? 
 
My answers were answered on a quick day trip to the village where we actually saw cashless transactions take place smoothly, similar to how things take place in the city. 
 The village was dedicated to the nation by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> in January 2015 to commemorate <keyword id="233016" type="COMPANY" weightage="20" keywordseo="ICICI-Group">ICICI Group</keyword>’s 60 years in India. 
This was done to enable villagers to use technology in various aspects of life including banking, payments, education, among others. 
 
Here, Wi-Fi connectivity is available across the village where transactions as low as Rs. 10 take place on phone through SMS and the Internet. The wifi tower stands tall in the middle of the village. 
 
The objective for this was simple; to show that technology can be used to eliminate barriers that separate rural and urban India. 
 
<a href="http://www.businessinsider.in/ICICI-Bank-to-transform-100-villages-into-Digital-Villages-in-100-days/articleshow/55666437.cms">ALSO READ: ICICI Bank to transform 100 villages into ‘Digital Villages’ in 100 days</a> 
 
So how was it done? 
 First, every adult villager was encouraged to open a <keyword id="6355272" type="CITY" weightage="20" keywordseo="Bank">bank</keyword> account to enable savings and a cashless habit. 
The Bank uses tab banking to open savings bank account which allows customers to open accounts without submitting physical documents. The accounts are being serviced by a dedicated branch and an ATM which did not have a queue when we visited it! 
 
Various cashless transactions are facilitated through Debit Cards, SMS Banking, Online Banking, Cashless Payment Processing and other modes. 
 
The villagers' accounts are also being linked to Aadhar to enable direct transfer of government benefits into savings accounts. 
 
How is it enabled? 
 
<a href="http://www.businessinsider.in/MobiKwik-launches-a-light-lite-app-to-integrate-all-Indians/articleshow/55662642.cms">The cashless economy needed end-to-end payment solution </a>leveraging Rupay cards and SMS banking at the village shops, at the market for the sale of agri-produce and at the cooperative society for sale of milk. All of that was done with the help of the local government in association with the bank. 
 From enabling farmers to access the latest information on prices of agricultural commodities on <keyword id="35258" type="CITY" weightage="20" keywordseo="NCDEX">NCDEX</keyword> to establishing a water treatment plant to provide clean water to the villagers, all the resources were matched in level to the digital offering to create overall development. 
 
The result? 
 
<a href="http://www.businessinsider.in/EXCLUSIVE-Mobikwik-is-willing-to-partner-with-e-wallets-like-Paytm/articleshow/55667167.cms">All earning adults carry minimum cash, get daily payments in their bank accounts</a> and pay instantly for any service. 
What technology has done here is magnificent, if only the same model could’ve been implemented everywhere in the country overnight, to ease the pains of what this unplanned demonetization move has caused, particularly in the rural areas.

India is struggling with the effects of
demonetization while this Digital Village is blooming

<a href="http://www.businessinsider.in/India-effects-of-demonetization-this-Digital-Village-at-Akodara-is-blooming/articleshow/55668226.cms">I recently visited India's first digital village and while it is the perfect model for a cashless society</a>, it is also a lesson in digital adoption. 
It bunks the myth that you need to live in a city to live a digitized lifestyle. 
 
<a href="http://www.businessinsider.in/ICICI-Bank-to-transform-100-villages-into-Digital-Villages-in-100-days/articleshow/55666437.cms">ALSO READ: ICICI Bank to transform 100 villages into ‘Digital Villages’ in 100 days</a> 
 <keyword id="3896834" type="UNKNOWN" weightage="100" keywordseo="akodara">Akodara</keyword>, <keyword id="6354766" type="COMPANY" weightage="100" keywordseo="Gujarat">Gujarat</keyword> is not just famous for enabling <keyword id="322793" type="UNKNOWN" weightage="20" keywordseo="Cashless">cashless</keyword> transactions but also for how villagers use technology to make their everyday life easier. 
 
Let's show you how it was made possible.

I visited the cashless Gujarat village- Akodara that everyone’s
talking about, and here’s my takeaway

With India moving towards becoming a cashless economy, there are a lot of expectations from the digital payments industry. As the agenda of the digital economy takes center stage, the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government has already taken a number of steps to encourage electronic payments. 
 
<a href="http://www.businessinsider.in/the-jaipur-lit-fest-tried-to-be-cashless-and-failed/articleshow/56738111.cms">ALSO READ: The Jaipur Lit Fest tried to be completely cashless and failed. Here's what happened.</a> 
 Even as Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> announced a slew of measures as incentives for digital payments, which are guaranteed to benefit the e-commerce industry as a whole, startups like Mobikwik, CashKaro and <keyword id="2777173" type="UNKNOWN" weightage="20" keywordseo="Razorpay">Razorpay</keyword> have pinned a lot of hopes on the upcoming Budget. Here’s what they are expecting from the government:

Budget 2017: Expectations of Fintech
Startups from Modi Government

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Alkis Konstantinidis/ReutersAnti-austerity protesters burn euro notes during a demonstration outside the European Union (EU) offices in Athens, Greece June 28, 2015.</div></div></div>Physical currency is going extinct, according to Stratfor.In a recent paper, the global forecaster said that the world is on <a href="http://www.businessinsider.com/eu-might-get-rid-of-the-500-euro-note-2016-2">a march to a cashless society</a> and even if there are setbacks <a href="http://www.businessinsider.com/sweden-where-youre-damned-if-you-use-cash-and-damned-if-you-dont-2016-2?r=UK&amp;IR=T">the endgame is inevitable</a>."All of these trends, allied with the unstoppable progress of technology, will likely make cashless transactions ever more prevalent in the global economy, especially as the emerging economies of Africa and India embrace concepts such as mobile banking," said the note.The pronouncement was driven by a spat of news regarding the elimination of high denomination currencies.The euro zone is nearing a decision to eliminate the 500 euro note and Harvard professor Larry Summers has recently <a href="http://www.businessinsider.com/larry-summers-defends-ending-100-dollar-bill-2016-2">called for the end of the $100 bill</a> in the US.Both moves are being presented as a way to combat criminal activity as few everyday transactions are done in high denomination currency. But according to Stratfor this is simply one part of a larger trend."Obviously, technological advancements are making cash-free transactions easier than ever before, but there are also distinct structural advantages to a cashless economy that make it more appealing in today's regulatory environment," said the note.There were a 2 major economic shifts Stratfor highlighted:<ol><li>Negative interest rates: With countries in Europe and Japan venturing into the never-before-seen area of negative interest rates, Stratfor said that a cashless society eliminates one of the biggest concern of the move. Theoretically, if banks charge consumers to hold money, then consumers will drain their account and hold everything in cash. "Electronic money eliminates this threat, of course, since money that cannot be held physically cannot be withdrawn," said Stratfor. "In theory, then, a cashless society frees up central banks to explore an entirely new set of financial tools, which could be useful in fighting the low inflation that has so far defied already unprecedentedly low interest rates."</li><li>The rising use of capital controls: "The link between capital controls and a cashless society is simple. A geographically remote country such as Iceland, an island in the middle of the Atlantic, can easily impose restrictions on the movement of capital. It is harder, however, to stop a determined Greek national from crossing the Bulgarian border with a backpack full of 500-euro notes. As more countries consider capital controls a possibility - and much of Europe must at least consider the possibility of finding itself in Greece's position - the attraction of a cashless society becomes stronger."</li></ol>Additionally, Stratfor said this would make it easier for countries to accurately track incomes, making tax dodging more difficult.There will be some pushback, the firm concedes, especially from countries that have had a traumatic monetary experience in the past (think hyperinflation in Germany after the World Wars). But the 500 euro note will soon be eliminated and in Stratfor's view, this will be just the first domino to fall."Of course, widespread monetary trauma or a loss of faith in central institutions could drive citizens back to cash or even into gold, "the firm writes. "But such retreats will only slow the trend; they are unlikely to reverse it." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/science-birth-months-affect-your-health-2016-2">Scientists figured out what diseases you're more likely to get based on your birth month</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5sNmJnMDE6wl3RqGOfGTKPKYNG_MBhEu" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

STRATFOR: A world without cash is looking inevitable

<ul><li>The feature has been rolled out to all <keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> users across India, Australia, New Zealand and the UK in a bid to help the company's over 2.5 million global driver community, Ola said, adding that the drivers will retain 100 per cent of the tip.</li><li>The cashless tipping feature will appear in the final step of the payment phase and will allow customers to select a fixed or customised amount that will translate to higher earning potential for these drivers.</li></ul> Ride-hailing major Ola on Tuesday rolled out new cashless 'tipping functionality that enables customers to voluntarily reward drivers for going the extra mile to deliver a safe ride experience amid the Covid-19 pandemic. The feature has been rolled out to all Ola users across India, Australia, New Zealand and the UK in a bid to help the company's over 2.5 million global driver community, Ola said, adding that the drivers will retain 100 per cent of the tip. "Since the beginning of the pandemic, our driver-partners worked tirelessly to enable essential travel for all those in need, despite facing their own challenges," Ola spokesperson <keyword id="1030402" type="PERSON" weightage="20" keywordseo="Anand-Subramanian">Anand Subramanian</keyword> said in a statement. "As services resume, they continue to personally invest in ensuring the safety of their customers and deliver a comfortable ride experience. Linking rewards to higher-quality services, we invite our customers to join us in sharing our appreciation and supporting them during these trying times." Starting Tuesday, the cashless tipping feature will appear in the final step of the payment phase and will allow customers to select a fixed or customised amount that will translate to higher earning potential for these drivers. Driving awareness around this, Ola has also launched a social media campaign, #SayThanksWithATip, which seeks to recognise and reward those drivers who have gone above and beyond the call of duty to deliver a great ride experience while drawing a spotlight on their efforts.

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