In the wake of demonetization, several theories by financial experts about keeping a permanent check to corruption and black money have been floating around. One of the prominent solutions was making all the transactions cashless and encourage the usage of mobile banking and debit and credit cards.
Now, Goa is all set to become the first Indian state to go cashless for all its financial transactions. Starting from December 31st, no citizen of the state will need to carry his or her wallet for purchases as all the transactions will be done on their mobiles, not necessarily smartphones.
However, cash transactions will not be banned permanently, but efforts are being made to encourage a cashless society. Even goods that are consumed on daily basis such as vegetables, provisions, meat and fish can be purchased with a button click.
Customers have to dial *99# from their mobile phone and follow the instructions to complete a transcation. The money is transferred to small vendors who do not have swipe machines. Swiping of ATM and credit cards at shops and other establishments will also continue.
Goa has only 15 lakh population and 17 lakh mobile connections. All that the people need to have is a bank account, a debit or credit card and the bank accounts should have money. If the move becomes successful in Goa, needless to say, it'll also become a hit across the country.
Source @ Gulte
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