You Heard it Right. India is not a fully developed country and the per-capita income of India is very less than the western countries. Our Administrators are pushing us towards a cashless economy but in my view, it cannot be possible in India and I have sufficient reasons for this. Please think carefully regarding these proofs and comment your own view.
Paytm – Can You Handle This ??
Through Paytm is User Friendly and provides various offers to its users but it will fail for cashless transactions. If you receive any amount from any user and want to transfer the balance to your bank account then Paytm will charge 4% on money being transferred. If you have a upgraded Paytm Account then it will charge you 1%. For Example if you will Transfer Rs. 10000 from your paytm wallet to your Bank Account then Paytm will charge Rs. 400.
Is It a Joke ??? Why I have to pay Rs. 400 to take my own money ??? And Paytm always requires Internet . In India, we are hardly getting signals for calls and SMS so if you will go any hill area or remote area with Paytm wallet. Then 2 things can only happen .. either no Paytm accepted or No Signal.. So Paytm cannot bring cashless economy in India.
State Bank of India – The Father of All Charges
State Bank of India… The Name is sufficient to describe its strength. In every corner of the country we can see the foot prints of SBI, But we all know that SBI is taking huge money from the customers as many type of charges. It is charging Rs. 15 + Service Tax for every 3 months as SMS Alert facility. Means Rs. 60 + Service Tax for a Whole Year. You have to pay minimum Rs. 100 + Service Tax as Annual Maintenance charges for lowest level of ATM Card.
Not Only This, but SBI is charging 3% + Service Tax on transfer from Buddy to Bank Account usuing IMPS (combination of mobile number and MMID or Account Number and IFSC). So if you want to send Rs. 10000 to your friend or family then you have to take the load of another Rs. 300. In Rs. 300 you can easily travel for more then 100kms. So SBI cannot bring cashless economy in India.
These Are Some Photos through which you can get Idea regarding…Why they will be failed to bring Cashless Economy in India.
In My View, Cashless Economy only can be Possible. If there will be no charge on ATM Card Usuing, No Charge for SMS Alert Facility, No Charge For Money Remittance Services such as IMPS/ NEFT/ RTGS/ Cheque/ USSD etc. India first to be literate then it should be financial literate.
Please Share, Whats Your View Regarding This Topic…