Are we moving to a cashless society?

Many consumers in metros have seen their cash transactions go down significantly because of growing e-commerce, expansion of mobile wallets and online banking.

This is only the start of a march towards becoming a cashless society. Things are expected to change dramatically in a few years for urban consumers. Many entities are working on different electronic payment mechanisms that can usher in a digital payment revolution.

Wallet companies are aggressively tying up with retailers to let customers use mobile payments. National Payments Corporation of India (NPCI), a company promoted by banks, is working on a mechanism that will allow consumers to transfer money and make payments almost as easily as they send a text message.Read More