Recent data from the Reserve Bank of India show that the value of paper-clearing transactions have fallen from Rs 100 lakh crore to Rs 80.9 lakh crore, a fifth of the number by the end of the financial year 2016-17. The volume of these transactions has also fallen from a 131.3 crore to 120.6 crores. In the same period, cheque transactions have also fallen over by 11 crore volume. If these numbers are anything to go by, we are slowly inching towards a future, which is free of paper transactions entirely. While this move towards a cashless society brings a lot of cheer to a section of the people, it is also a subject that is hugely debated and wrought with controversies.

The Nuances Of A Digital Society

A cashless society is a society in which cash or any other form of paper like cheques are withdrawn from all financial transactions. It creates a situation where other forms of exchange become important. In the current scenario, it means to make use of any digital means like electronic cards, online tools, electronic banking and digital wallets for performing transactions online. While it makes transactions easier for most people, it also means that all transactions, individual money usage, and monetary assets are with the state and third parties. Also, since all data is online, chances of hacking is very high. But in spite of these issues, going towards a cashless society means a better global economy, since it can curb money laundering and terrorism which are mostly aided by cash. Also, it can put a check on and also control the rampant corruption which exists in our country. According to a study, some of the most cashless countries are Belgium, France, Canada and UK with more than 85% of cashless transactions.

It is essential that we build a positive digital society. Being positive means using digital transactions for the betterment of the society, like using data analytics to understand the consumption of goods and needs of areas based on the digital transactions. A digital society will also spur more transparent financial transactions which might lead to a reduction in corruption in our country.Much of the challenge also comes from the change acceptance by a large part of the society.

Government-Driven Initiatives For The Setup

The government has rolled out Internet Safety Campaign in collaboration with Cert-In and Google. Speaking about the campaign, MyGov CEO, Shri Gaurav Dwivedi has stated that they are starting a nationwide campaign to educate the youth and policymakers regarding making the internet safer. Such initiatives are important to make people feel safe, carrying out transactions digitally.

Our PM, Modi, has time and again laid emphasis on using technology for all the various issues being faced throughout the country, right from farming to governance. The different areas where digitization can be effective, like schools, governance, financial transactions, RFID for unique user identification, free Wifis, the introduction of E-Seva centers in villages, judicial system on a digital platform, E-voting and so on have been identified.

How We As Responsible Individuals Can Pitch In

As responsible citizens of the country, each of us should ask ourselves how we can contribute effectively to bringing about a digital society. We need to come up with new innovative ideas and practical solutions to realize the dream that our PM has, in setting up a digital era. Digital India is one of the fastest growing groups on the MyGov website, a clear indicator that the people of the nation are heading in the right direction.

Let us all become a part of the campaign to our bit towards creating a platform, which can be used to build a positive, Digital India. A dream that looks distant right now, but if all of us stand together, it would be quicker. While we individually contribute, it is also important that we help others who are illiterate in these terms and technologies, to come to accept the change that is engulfing the nation. Let us lend that helping hand and help India grow in par with the other great Nations around the world.