In 1991 India awakened to a new beginning, a big change. It was a revolution felt by the Indians at large. India again was jolted and awakened to a very big economic revolution on November 8, 2016. Demonetization was just the stopping of currency denominations in circulation but the ripples which are felt after this is immense. Major impact is on digitalization. People are fast moving towards a cashless India and moreover it is moving towards an India where every transaction is accountable.
Suddenly Mobile Banking came in vogue. There is a rapid change that is happening in the banking industry with the coming in of mobile banking, but a gap remained in addressing the implications of this innovation on traditional banking practices in India. It was established that though customers have remained loyal to banks, the banks have not been able to grow their businesses as a result of the advent of mobile banking. Most banks introduced their own mobile banking products but these did not deliver full potential as they are limited to account holders only and moreover the major hindrance is the financial illiteracy, the basic elements which is required for this scheme, such as teaching the masses the technical know-how of the cashless system, is lacking. Commercial banks should develop growth strategies along the mobile banking business model.
Going cashless and using e-payments will make the every person accountable. Each person, whether he/she is working as a tea vendor or as a corporate executive, must contribute towards the development of the country. But it can only be achieved by making everybody financially literate which is really a big task ahead.
Here India should awaken if it wants a real growth. This job can well be carried by the student mass who are really tech savvy and each one can teach one and contribute towards the final goal.
Jaipuria School of Business has initiated this effort and started the campaign. One student Mohit Kumar Gupta of PGDM I Year has updated and taught about the e wallet on his phone to Sonu chai wala who puts up his stall in the corner of the JSB campus. His sale has increased as few bucks for a cup of tea are also paid through e-wallet and there are no hassles about change.