Come with the surprise that there is going to be demonetization of RS 500 and Rs 1000 note across India. This has shocked the citizen of India that people started to panic from day one. This step has been taken by our prime minister in haste with no adequate preparation. A nation was not prepared for this bold step but it has been imposed by the government. People standing in the long queues for hours even days but there is the scarcity of the cash in every bank. This has become the delicate issue all the Nation that no one can be assured when this will end. The business of the Nation has shrunk exponentially with no hope of recovering for months to come. The GDP growth of the Nation is severely affected by the demonetization. People who are the victim of this movement, one no having the bank account. People passing through this hassle for quiet a time. What business has mostly emerged from this situation? Digital payment is being encouraged by this movement. People are relying on the digital payment in order to save cash. India is now becoming the country where digital payment is done every corner of the Nation where this method did not exist one month ago.
The impact of the digital payment on India due to demonetization as follows:
- Digital Wallet like Payu money, Paytm and oxygen wallet is being encouraged and has grown exponential during this period.
- Use of the Debit/Credit card is done all over the country. It is accepted even at the small time shop.
- The transaction is done digitally during this period. Utilization of the bank has been encouraged more during this period.
- There has been a lot of offers and discounts provided by the shopkeeper in order to avail profit from digital payment.
- No room for cheating is left in the digital transaction.
- Dealing become easier instead of going through the hassle of change
Well, these above the impact of the demonetization that transformed the nation into digital payment. There need to be alert from the hackers as the security issue has been raised from the government in last one month. If something new will emerge but the issue will also be raised with it. The best way to established this system in the country, the government has address any kind of issue related to this movement maturely.