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Awareness about digital transactions must for cashless economy
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SME Times News Bureau | 27 Mar, 2017
Financial literacy and awareness about digital transactions is paramount
in rural India to make the cashless economy a reality, executives of
mobile wallet-provider services said in Roorkee at a panel discussion.
In
the on-going three-day tech festival at IIT Roorkee, the panel
discussed the effects of demonetisation, use of mobile wallets and
digital transactions in rural India.
"Illiterate people do not
know how to use digital transactions, though they know how to use a
smartphone. But we are trying to spread financial literacy," Head
(Enterprise, Sales and Strategy) of Mobikwik Atul Mehta said.
Mehta added that people in large numbers were using mobile wallets following demonetisation.
Vice
President of Reliance Jio Money Karthik Nandyal said financial
awareness was an on-going process and it would take some time to reach
every part of rural India.
He cited examples of other countries where cashless economy was functional and said that India can also make it possible.
The panelists said that even after demonetisation, there were parts of rural India where there was no concept of banking.
"Post-demonetisation,
though there has been some awareness but more needs to be done. Banking
system in rural areas will help aggregating the capital for
productivity purposes," Mehta said.
On how secure the digital
transactions were, Professor Emeritus of Management Studies at IIT
Roorkee Vinay Kumar Nangia said there were lapses in security aspects
and there was a need to enhance the security architecture.
Though
the National Payments Corporation of India (NPCI) assured earlier this
week that there is "no vulnerability of loopholes" reported in Bharat
Interface for Money (BHIM) or the Unified Payments Interface (UPI)
applications, Nangia said that BHIM was not a forensically tested app.
"It cannot handle the load as it is expected. There is a danger," Nangia said.
However,
Mehta argued that the digital payments through mobile wallets was safe
and they were working on making the transactions more secure.
IIT
Roorke Director Ajit Kumar Chaturvedi told IANS that the campus was an
example of cashless transactions as most of the vendors inside the
institute used e-wallets. He said the campus also hopes to spread
awareness among other people outside the campus so that cashless economy
becomes a reality.
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