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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

New Delhi: 78 per cent of consumers now prefer to do most of their banking digitally through <keyword id="19915384" type="General" weightage="20" keywordseo="mobile-apps" source="keywords">mobile apps</keyword> or websites, according to the Alkami report. This shift is part of a broader trend towards <keyword id="21227659" type="General" weightage="20" keywordseo="cashless-transactions" source="keywords">cashless transactions</keyword> and <keyword id="21012835" type="General" weightage="20" keywordseo="contactless-payments" source="keywords">contactless payments</keyword>, which have become the default for many, especially since the COVID-19 pandemic. According to the report, nearly 80 per cent of financial institutions have seen an increase in cashless transactions over the past two years. This change has been accelerated by the pandemic, with many consumers opting for digital payments to avoid handling cash. About 60 per cent of these institutions noted that the volume of cashless transactions has surged by more than 20 per cent. Cashless payments aren't a new concept--personal checks and credit cards have been around for decades. However, today's digital payments, whether made through a smartphone, laptop, or tablet, are quickly becoming the standard. The convenience and safety of these transactions, especially in a post-pandemic world, have made them more popular than ever. Allison Cerra, Chief Marketing Officer at Alkami Technology, said, "The banking leaders of the future will be those that can harness data for the best use, gain a holistic view of their relationships, and meet the rapidly changing needs of digital consumers." With more people turning to <keyword id="20028215" type="General" weightage="20" keywordseo="digital-banking" source="keywords">digital banking</keyword>, there's been a noticeable decline in the use of ATMs and checks. Chad Rogers, Executive Vice President at Connexus Credit Union, noted that even millennials are moving away from traditional banking methods. "What we're seeing, even with our millennial users, is that they're no longer ordering checks, or making cash withdrawals from our ATMs as we would expect. Instead, they are self-serving from home or wherever they are. They're moving money through our digital banking platform," he said. Interestingly, even though fewer people are visiting bank branches in person, their overall engagement with banks has increased. Thanks to the ease of mobile and <keyword id="19998466" type="General" weightage="20" keywordseo="online-banking" source="keywords">online banking</keyword>, customers are now interacting with their banks more frequently, often on a daily basis. While cashless transactions are on the rise, the adoption of cryptocurrency is growing more slowly. Around 21 per cent of financial institutions reported that their customers are asking for Bitcoin products and services. Although this is still a relatively small percentage, 35 per cent of banks believe that offering cryptocurrency options could give them a competitive edge. Banks are also feeling the heat from fintech companies like PayPal, Stripe, and Venmo. Jamie Dimon, CEO of JPMorgan Chase, has called these fintechs "enormous competitive threats" to traditional banking. The popularity of fintechs has only increased during the pandemic, with many consumers turning to these platforms for their financial needs. Despite the competition, some banks are partnering with fintechs to stay relevant. According to the report, 50 per cent of banks and 40 per cent of credit unions have teamed up with fintech companies in the past three years to enhance their digital offerings. Looking ahead, many experts believe that the future of banking will revolve around personalised experiences. However, only about a quarter of financial institutions are currently using hyperpersonalization to gain a competitive advantage. There's a growing opportunity for banks to leverage personalised recommendations and offers to better serve their customers. Data is also playing a crucial role in this digital transformation. Most banks are now using data analysis to improve customer experiences, guide decision-making, and reduce development time and costs. By unlocking the potential of customer data, banks can better anticipate their clients' needs and offer tailored solutions. Allison Cerra Chief Marketing Officer at Alkami Technology, said, "We are now at a place where technology has democratised financial advice and counsel. It is no longer just the privileged upper class who can afford to get financially fit and prepare for the future."

78 pc of consumers choose digital banking over cash transactions

<keyword id="461594" type="ORGANIZATION" weightage="60" keywordseo="regional-transport-offices">Regional Transport Offices</keyword> in the national capital are set to go cashless from January when fees for all services including driving licence, auto permit and fitness certificate can be paid electronically. 
 The <keyword id="62110" type="ORGANIZATION" weightage="20" keywordseo="transport-department">Transport Department</keyword> has started installing Point of Sale (PoS) machines at its zonal offices and the trial run of the cashless transaction system is being carried out at some places. 
 "From January, people coming to <keyword id="48945" type="ORGANIZATION" weightage="20" keywordseo="RTO">RTO</keyword> offices can pay fee of various services -- permits, driving licence, fitness certificates - using their debit, credit cards. Applicants won't be required to make payments in cash," a senior government official said. 
 
There are 14 zonal offices of the Transport Department in the city. The official said that the move would ensure hassle-free services for the people of Delhi. 
 
The step is in line with the Delhi government's plan to bring all departments under cashless transaction system. 
 
"At present, e-PoS machines are being installed at all zonal offices. Besides, computer software of the department is also being updated in view of the cashless transactions," the official said. 
 Earlier this month, Transport Minister <keyword id="6374609" type="UNKNOWN" weightage="20" keywordseo="Satyendar-Jain">Satyendar Jain</keyword> had directed his department to start accepting fees and payments in the form of bank drafts and pay orders for all transport services in view of cash crunch after demonetisation.

RTOs to go cashless
by next month

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

Small businesses have been bearing the brunt of <keyword id="6362150" type="UNKNOWN" weightage="20" keywordseo="demonetization">demonetization</keyword> the most, by losing out on customers who do not have cash to pay for their daily needs. 
 
To help offline merchants opt for<a href="http://www.businessinsider.in/EXCLUSIVE-BigBaskets-co-founder-talks-about-hyperlocal-businesses-and-profitability/articleshow/55752379.cms"> cashless transactions</a>, <keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="ShopClues">Shopclues</keyword> announced the launch of 'Reach' under its Business Edge initiative today. 
 'Reach' helps brick and mortar stores in the country to process hassle-free <keyword id="6445679" type="UNKNOWN" weightage="20" keywordseo="cashless-transactions">cashless transactions</keyword> for customers. 
 
The best part is that neither the customer or the seller needs the mobile application to make the payment and the price; Shopclues will only charge INR 99 per month from the merchants, as of now. 
 
<a href="http://www.businessinsider.in/EXCLUSIVE-IKEA-APAC-Head-talks-about-what-to-expect-from-the-upcoming-IKEA-store-in-Hyderabad/articleshow/55812739.cms">ALSO READ: EXCLUSIVE: IKEA APAC Head talks about what to expect from the upcoming IKEA store in Hyderabad</a> 
 
The SMS based three-step payment mechanism also eliminates the intermediary digital wallet by directly transferring the payment to the beneficiary's bank account at an introductory rate of 0% TDR on transactions. 
 
This facility can be subscribed to by Shopclues-affiliated merchants as well as offline merchants who are not associated with the company. 
 
'Reach' by Shopclues also assists the retailer in <a href="http://www.businessinsider.in/Bollywood-actor-Kunal-Kapoor-talks-about-Ketto-his-crowdfunding-startup-which-has-raised-Rs-40-Cr-for-social-causes/articleshow/55753955.cms">order management, inventory management, e-Billing, centralized inventory status for multiple stores and merchant store promotion.</a>

Shopclues launches 'Reach' to digitize offline merchants payments

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

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div><ul><li>The deputy governor of the Norwegian central bank believes that the country is effectively cashless.</li><li>Use of physical money is incredibly rare in the Scandinavian nation, with fewer than 10% of transactions including cash.</li><li>Cashlessness is on the rise globally, with almost 40% of Brits saying they can see themselves ditching the use of cash altogether in the future.</li></ul> LONDON - Norway has effectively become the world's first cashless society, according to one of the country's most senior economic policymakers.Speaking during the City Week conference at London's Guildhall, Jon Nicolaisen, the deputy governor of Norway's central bank, argued that the level of transactions using cash in the Scandinavian country is now so low that it can be considered cashless."By approximation, I would argue that the present is cashless," he said, during a discussion of the future of paper currency, chaired by the Bank of England's chief cashier.Nicolaisen had the figures to back up his argument. "According to our latest numbers, we have less than 3% of broad money in cash," he said, adding that "less than 10% of the number of transactions, including buying coffees, are in cash."Money is now almost entirely transferred electronically, he continued, saying that 90% of transfers in the country are now done via some electronic means."In many ways, we are already becoming a cashless society," he continued.Rising cashlessness, Nicolaisen said, is not anything to do with the central bank's preferences, but simply represents the wishes of those who use money on a daily basis - the country's consumers."We have no wish to eliminate cash. It is the public itself that chooses other means of payment," he said.It is not just in Norway where cashlessness is on the rise, with the whole of Scandinavia effectively moving away from physical money. <a href="http://uk.businessinsider.com/sweden-cashless-society-negative-interest-rates-2015-10">As early as 2015 people were suggesting that Sweden is virtually cashless, </a>and there is even anecdotal evidence that some beggars and buskers have card terminals, such is the lack of physical money in circulation.<a href="http://uk.businessinsider.com/sweden-cashless-society-negative-interest-rates-2015-10">As Business Insider wrote in 2015:</a> "Sweden is the place where, if you use too much cash, banks call the police because they think <a href="http://www.sciencealert.com/sweden-is-on-track-to-become-the-world-s-first-cashless-society">you might be a terrorist or a criminal</a>."Scandinavian nations, and neighbouring Finland, are famously forward thinking when it comes to the future of money, <a href="http://www.businessinsider.com/finland-to-end-basic-income-experiment-2018-4">with Finland recently launching an experiment with Universal Basic Income</a> - a concept which effectively give citizens free money.Cashlessness is also on the rise in the UK, with a recent survey conducted for Business Insider showing that almost 40% of Brits can see themselves ditching the use of cash altogether in the future.Globally, Nicolaisen said, cash could completely disappear within the next decade. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/larry-hatheway-gam-economist-biggest-market-fear-tax-policy-trade-2018-4">A $163 billion chief economist outlines his biggest market fear</a></h3> <div> </div> </div>

Fewer than 10% of people in Norway use cash - and a senior official thinks it could disappear completely in a decade

<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

The Chief Ministers' panel on digital payments has asked government to roll out from December 25 a more user friendly version of USSD or *99#, which is used on feature mobile phones for making cashless payments as cash crunch due to demonetisation continues, as per an agency news report. 
 
"Upgraded version of USSD (Unstructured Supplementary Service Data) should be rolled out by December 25, 2016," suggested the panel on adoption of digital payments in its recommendation submitted to the Finance Ministry. 
 
According to an official statement today, the panel, whose convener is Andhra Pradesh Chief Minister Chandrababu Naidu, has suggested that the procedure for simplified Know Your Customer (KYC) using Aadhaar needs to be adopted. 
 
The second meeting of the committee was held on Friday at NITI Aayog. 
 
The meeting followed the deliberations held by Naidu, Vice Chairman of NITI Aayog Arvind Panagariya with the Governor and senior management of RBI and CMDs of major private and public sector banks on Thursday in Mumbai. 
 
The Maharashtra government informed the meeting that it was introducing an Aadhaar Bill in the legislative assembly to give legal status to the use of Aadhaar number for various purposes. 
 
It also informed that it had launched a major campaign to promote digital transactions. 
 
Madhya Pradesh reported that it had initiated a major programme to digitise the transactions in state-owned mundies. 
 
Odisha pointed out that the state was deficient in financial infrastructure including bank branches, bank correspondent, Internpenetration and mobile phones. 
 
While noting that RBI and banks are largely supportive of the measures to promote digital transactions, the panel suggested steps including easing the digital payment operations at the level of merchant. 
 
It said that UIDAI would shortly roll out the common Android-based Aadhaar Enabled Payment System (AEPS) application developed in collaboration with TCS that can be downloaded by the merchants. 
 
In order to use this application for carrying out cashless transactions, merchants will need a smartphone and a fingerprint scanner. 
 
Transactions on this application can be done without any card or PIN. The application would be made available to all banks and the banks would encourage merchants in their vicinity to adopt this application, it said. 
 
The panel suggested that RBI should allow authentication through iris scanner and One Time Password (OTP) for AEPS and there should be no charge on AEPS transactions.

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You Searched For "cashless transactions" and got 9 results

Cashless society for cleaner transactions

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78 pc of consumers choose digital banking over cash transactions

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RTOs to go cashless by next month

BI India Bureau

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

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

BI India Bureau

Fewer than 10% of people in Norway use cash - and a senior official thinks it could disappear completely in a decade

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STRATFOR: A world without cash is looking inevitable

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​ Chief Ministers' panel demands more user friendly version of cashless transactions

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Chief Ministers' panel demands more user friendly version of cashless transactions