While searching for a document on an external HDD, I found a copy of my old online bank transactions. At that time we would have one or two online transactions at best and the rest of our expenses were paid either in cash or by credit card. We have always preferred using either the credit card or a cheque or Demand Draft. Then came the online digital payment revolution !!
Banks went online completely with customers being charged for a branch visit 🙄. Then Amazon, Flipkart, Big Basket etc shifted our shopping online using a credit card. The next big wave of digital payments came with PayTM, BHIM, PhonePe, GPay etc and India went online.
I still remember getting all excited about barcodes and the next thing I see, QR codes become a normal part of everyday life. The Jan Dhan Yojana ensured all Indians had a bank account. That ensured the corruption in the transfer of state benefits became zero. The Direct Benefit Transfer Scheme is just outstanding in its impact. I shudder to think of an India pre-2014… half the country didn’t have bank accounts !
Middlemen were all over the Govt social benefit schemes and corruption was rampant. 8 crore ghost ration cards, and benefits were being drawn for these ghosts :). No wonder we remained a poor country.
During the lockdown as we stayed in touch with ShikshaDaan’s beneficiaries, the other thing we noted with pride and happiness is the fact that every Indian has access to “a” phone. Not a smart phone always, but every Indian is reachable on a phone. The cell phone and Jan Dhan bank accounts have completely leveled the playing field.
Just watch this fascinating video – I have been seeing it a couple of times everyday. Makes me tremendously happy.
The demonetisation changed the game forever. We have been paying for things everywhere using either GPay or BHIM. Instant transactions, just like handing over cash but a lot safer. For people like us who have no black money to worry about, its a breath of fresh air not having to deal with cash.
See the increase in UPI transactions – both volume and value.
Here is another infographic that speaks to our adoption of online payments –
Online transactions bring a lot of transparency into the system. Government uses online auctions to sell assets. An important reason why the Modi Govt has had NO scams !
Now, if only the political party donations can start being transparent, it will be yet another milestone in this journey towards a New India. 😁