Inclusion is the challenge. Banking as well as non banking players must collaborate with regulators and the government to bring about innovative banking solutions and schemes to bridge the divide.
![India Gears to Go Cashless](https://magarticles.magzter.com/articles/94/195833/582ef81cee33a/Demonetisation-Narendra-Modi-Black-Money-Corruption-Banking-UPI.jpg)
An astounding 233 million Indians do not have any type of access to a bank. It is a fairly bleak situation. Furthermore, a significant number of accounts have a balance of zero, according to PricewaterhouseCoopers (PwC). Despite having the world’s second largest population, there are only 23 million credit cards in the country, according to the Reserve Bank of India (RBI).
“Only 3 percent of the payments are done with cards. There is a need to address privacy concerns and increase awareness as well as education to increase the penetration of digital banking,” says Karthik Sathuragiri, Director-Emerging Business, Akamai Technologies. He was talking at the Digital Money 2016, a conference that concluded recently in Mumbai.
This scenario is in stark contrast to a developed country like Sweden that has a nearly cashless society. According to Sweden’s central bank the Riksbank, cash transactions made up barely 2 percent of the value of all payments made in Sweden last year. What has led to a cashless society in Sweden? There is the trust and confidence that the general populace has on their country’s banking system. Coupled with high internet penetration there is also the perception that being cashless lowers crime rate. So strong is the system that around 900 of Sweden’s 1,600 bank branches no longer keep cash on hand or take cash deposits – and many, especially in rural areas, no longer have ATMs. Circulation of Swedish krona has fallen from around 106 bn in 2009 to 80bn last year.
What made it work for Sweden?
1.General perception that going cashless leads to lesser crimes and high level of infrastructure and internet penetration has made physical cash redundant in Sweden
Esta historia es de la edición November 2016 de Voice and Data.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 2016 de Voice and Data.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
![Can US AI copyright law impact Indian policymaking?](https://reseuro.magzter.com/100x125/articles/94/1694801/H_fr5ANgz1715766992228/CAN-US-AI-COPYRIGHT-LAW-IMPACT-INDIAN-POLICYMAKING.jpg)
Can US AI copyright law impact Indian policymaking?
The proposed Act suggests compensating original creators for content that is used to train Gen Al. This can be a good middle ground for many in tech to follow
![Rise of the connected cars](https://reseuro.magzter.com/100x125/articles/94/1694801/HG9_Qst6U1715766876210/RISE-OF-THE-CONNECTED-CARS.jpg)
Rise of the connected cars
Advanced features like 5G, IoT, and AI are reshaping the automotive industry in India, promising enhanced mobility and safety for drivers
![Navigating chaos: Securing trust in digital communication](https://reseuro.magzter.com/100x125/articles/94/1694801/2UsZbtOKm1715766736914/NAVIGATING-CHAOS-SECURING-TRUST-IN-DIGITAL-COMMUNICATION.jpg)
Navigating chaos: Securing trust in digital communication
Amid rising fraud risks, CPaaS tools offer a lifeline. SMS, though vulnerable, remains pivotal for real-time alerts in a chaotic digital landscape
![The silent communication warhorse](https://reseuro.magzter.com/100x125/articles/94/1694801/O6leJ8stD1715766580187/THE-SILENT-COMMUNICATION-WARHORSE.jpg)
The silent communication warhorse
While 5G grabs the headlines, 4G LTE quietly fuels global mobile networks, enabling high-speed Internet and IoT growth with wide adoption and growth potential
![HPE Launches Wi-Fi 7 APs for enhanced connectivity and security](https://reseuro.magzter.com/100x125/articles/94/1694801/UHq6CxPl11715766509918/HPE-LAUNCHES-WIFI-7-APS-FOR-ENHANCED-CONNECTIVITY-AND-SECURITY.jpg)
HPE Launches Wi-Fi 7 APs for enhanced connectivity and security
Hewlett Packard Enterprise launched Wi-Fi 7 access points (APs), boasting up to 30% more wireless traffic capacity than competitors.
![Getting ready for the great Indian switch](https://reseuro.magzter.com/100x125/articles/94/1694801/aXaxOfO0r1715766337944/GETTING-READY-FOR-THE-GREAT-INDIAN-SWITCH.jpg)
Getting ready for the great Indian switch
India's mobile landscape is undergoing a shift: from feature phones to feature-rich, affordable smartphones, driven by consumers' desire for a better user experience
![Net neutrality takes a right turn again](https://reseuro.magzter.com/100x125/articles/94/1694801/CJ6wfj-tI1715766128171/NET-NEUTRALITY-TAKES-A-RIGHT-TURN-AGAIN.jpg)
Net neutrality takes a right turn again
Led by Biden's commitment to protecting the Open Internet, the recent FCC decision has brought the Net Neutrality debate back to the front
![It is time to ghost the AI dating bots](https://reseuro.magzter.com/100x125/articles/94/1694801/a3fkpkCAy1715765978259/IT-IS-TIME-TO-GHOST-THE-AI-DATING-BOTS.jpg)
It is time to ghost the AI dating bots
As mobile apps and AI dating bots surge in popularity, addressing pressing concerns about privacy, data manipulation, and transparency is paramount
![Will voice interfaces ever take off?](https://reseuro.magzter.com/100x125/articles/94/1694801/dix7zBXXB1715765770825/WILL-VOICE-INTERFACES-EVER-TAKE-OFF.jpg)
Will voice interfaces ever take off?
Voice as a primary user interface has shown flickers of promise but has never taken off. Today, with AI at hand, it is still failing to go mainstream
![Mega deals paper some cracks for in-turmoil IT firms](https://reseuro.magzter.com/100x125/articles/94/1694801/zcd6cBHtJ1715765127780/MEGA-DEALS-PAPER-SOME-CRACKS-FOR-INTURMOIL-IT-FIRMS.jpg)
Mega deals paper some cracks for in-turmoil IT firms
Amid the tricky financial year 2023-24, IT firms saw losses in Pack revenue from their telecommunications clients-suggesting that a rejig could be in order