Pramit Jhaveri

Saturday, December 10, 2016

Go Cashless

India's transformation into a less cash society has quite clearly and unequivocally started taking place. It is a revolution that is unstoppable. Each one of us must participate in this movement, or risk being left behind and disadvantaged. In my last blog, I talked about the benefits of going cash free through credit cards. On this occasion, I would like to share with you the possibilities that exist around digital payments in every aspect of our lives. I would also like to exalt all of you to start the process of beginning to go cashless. India’s digital payment ecosystem is well geared to meet all our needs.

We now have options to transfer funds from one bank account to another, to pay utilities and other providers of services, to book mutual funds or fixed deposits, to select insurance policies, to purchase food, medicines, and other essentials, to buy travel tickets or make luxury purchases, to load money into our digital payment wallets, and to carry out mobile-to-mobile transfers linked to bank accounts. All this can be done either via mobile phones or online, conveniently, quickly and in a secure manner. The list of possibilities is endless and encompasses almost all aspects of our daily lives.

To start evaluating how you are performing on this digital journey, please think about creating your very own digital index. Use this digital index to evaluate what percentage of your daily or monthly expenditure is being made in a cashless form and how this cashless component of your payments and expenses increases every month, improving your score. At the same time, please remember that it is incumbent on us to spread the word and also help others navigate our new payment ecosystem. I believe that we are a country of very quick learners and adopters and we can all contribute to this cause.

However, we must exercise caution and follow certain safety rules. Change your password regularly and do not share or write them down. Sign up for SMS alerts from your bank. Check your statements, emails and other communications regarding your transactions all the time. If you believe there has been any misuse, file a complaint as soon as possible. To learn more about security around digital banking, click here.

At Citi, we will soon be launching our own Go Cashless campaign. I look forward to your participation.