Do We Need Cash?

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In mid-October, we wrote that VBB Bank is planning a large-scale modernization of non-cash payment methods and announces that the population of our country will gradually refuse bank cards. The newest voice, eye and fingerprint recognition systems will help the consumer to pay for services or goods more easily and quickly. But at the same time, answering the question whether we need cash, the specialists of the “main” IY Bank argue that the consumer is not going to refuse them in the coming years.


In terms of modernizing payment methods

In terms of modernizing payment methods

today the whole world is trying to keep up with new technologies. So, for example, the Indian state of Goa, known to all tourists, is banishing completely to give up physical money. Already, starting from the last day of this year, absolutely in all places in the state can be calculated by credit card or using a mobile phone.


India’s Status

The Sunday edition of The Times of India, all financial relations between the buyer and the seller can be made by telephone, which everyone has now, the funds will be debited from the consumer’s bank account. Cash will not be needed, cards, too, you can not even carry a wallet. In addition to this, according to the state government, the number of “tweezers” should decrease on the streets.

You don’t even need a PDA or smartphone to transfer funds. The buyer receives an SMS with a special code, which he must specify to complete the purchase. The method of payment will be used everywhere, it is not only about clothes and household appliances, but also about services and buying products. Such a system will help small merchants to receive payment even if they do not have terminals for accepting bank cards. There are no plans to cancel plastic cards and cash. Where they were accepted, will continue to be. But the introduction of a new system is the first step towards ridding the state of the circulation of physical money.


India as a whole

Monetary reform began at the beginning of the month. Two main bills were withdrawn from circulation. A released new was not so easy to get because of the smaller amount. As a result, huge queues formed in the banks. The authorities of the country support the idea of ​​avoiding cash as it will help to solve several problems: lack of physical money, corruption and the gray economy.

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