Digital India: Its pros and cons

This refers to the report (‘India’s mobile payments market likely to touch $1 trillion by 2022,’ Oct. 7, Gulf Today).

It is obvious that the concept of digital payment reaching the bottom segment of the society is taking little more time than expected.  However, with extensive mobile usage in rural areas, people’s understanding about the benefits and convenience of digital payment will be faster in the coming years. The fact is that electronic gadgets have become an inevitable tool for today’s generation who are very much fond of online shopping using the most affordable method of payments. Since gadgets become part of their early days, even before joining schools, the features of digital payment gives them the freedom of choice in shopping.

Eventually, internet and digital revolution have stared influencing people in rural areas where many of the government-associated services have switched over to digital mode to avoid malpractices and corruption.  In reality, the usage of digital payment has been on the rise ever since the demonetisation drive in 2016.

However, the most important aspect is to have a strong digital infrastructure to accommodate the increasing demands of its usage.  Even though small and medium business entrepreneurs have already started using digital form of transactions, this number will certainly increase in the years to come.

Notwithstanding, India’s massive retail market will embrace the most advanced digital mechanism to boost delivery of services aiming at better customer satisfaction.  Banking systems in the country have already transferred several of its services to the digital format, especially it helps meeting the requirements of educational institutions. It would be good if commercial establishments and banking sectors jointly launch awareness campaigns explaining the benefits of digital payments and its pros and cons.

Ramachandran Nair
Muscat