India’s march to a cashless society begins with 3 things

In an unscheduled televised appearance on Nov. 8, Indian Prime Minister Narendra Modi announced that 500 and 1,000 rupee notes (which accounted for 86 percent of all currency) would be removed from circulation overnight.The purpose of this demonetization policy was to promote fiscal transparency, modernize a complex, cash-centric economy and empower social inclusion.As one would suppose, the impact of such a radical, unexpected approach was immediate and profound. Cash accounted for 90 percent of all transactions, so the early days of demonetized India were defined by queues at ATMs and an economically damaging liquidity crisis. With liquidity stabilizing and a more certain picture emerging, however, it is clear that identity, mobile and payments are increasingly converging to meet the challenges of the Indian digital economy.

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