As according to last year December, the headlines read as Jhattipur is the First cashless village of Haryana. Village sarpanch who is Ashok Kumar also told that all the shops are now been linked to e-wallets and Point of Sale(Pos) machines also enable direct card transactions and would arrive very soon. But a recent visit to this village reveals that switching to digital or cashless payment is a far-fetched dream.
Jhattipur, which is about 90Kilometer from Delhi, have no card-swiping machines yet, and the WiFi is only available in the village for just an hour a day, therefore the use of e-wallets is very difficult.
Haryana’s first ‘cashless’ village still runs on cash
So what does that mean? Residents of this village have gone back to the use of cash. But seen that even few retailers like barber and grocery store have the payment apps and accept and give virtual money. The pharmacist in the village who don’t have a smartphone have problems with these demonetization policies.
Aditya Puri, the Managing Director of HDFC Bank, says that he sees no future of digital wallets. Also telling to ET Now, he was skeptical about this new trend of digital or virtual payments, but it gained a huge traction after demonetization.After demonetization, people have grabbed whatever is easily available to pay for coffee, bills, movie tickets, cab rides and just about anything, he said. However, as alternatives to cash payments evolve, users comfortable with mobile wallets today could shift to an easier digital platform, he added.
After the demonetization of cash, people have now grabbed whatever they can get easily to pay for regular things like coffee, tea, bills, tickets and whatever. Yes, there are alternatives to cash payments are increasing, users are getting comfortable with mobile wallets today could shift to the digital platform.
He also mentioned PayTM, which he told that could not be another miracle because its model cannot be replicated. Even the current loss of PayTM is calculated at 1,600 crore. Experts mention that in long tem, systems like UPI are having a better chance as they enable direct transfer from your bank account.
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