Unthinkable, unimaginable, but the fact is—the currency notes of Rs 500 and Rs 1,000 are no more in circulation. Since the announcement on November 8, a lot of panic has gripped in, with severe cash crunch haunting, and hinting a fall in country’s GDP for the next few quarters. Companies are forced to cut their guidance for the quarter and for the next year, but are less cribbing as the hope remains for a better future and at the end, ‘all’s well that ends well’.

The current scenario is surely going to disrupt the way various transactions take place today. As people become more aware about the digital form of transferring money and the benefits which it brings along, the demand for such solutions would be higher. And, of course, the Richie rich of this entire episode would be the digital mobile payment solutions providers, whose sales targets for this year are already being met by the Prime Minister, with the likes of Paytm already seeing about 100 percent growth in their businesses. And moving forward, the growth could be exponentially high, as the move carves   India’s way to a cashless society.

For a country like India, it has been always challenging to introduce any new strategy, technology or move, but thanks to PM Modi that the cashless economy is here today, almost visible and which is gradually seeping into the nooks and corners of the country. In fact, Finance Minister Arun Jaitley in one of the press conferences had mentioned that the idea behind demonetization was to get into a cashless economy.

The move is welcomed as not only payment solution providers are going to gain out of it, but the snowball effect could be seen with more technological advancements taking place in the country. We may also see various technology companies joining hands with different retailers, electronics payments companies, card solutions providers to pilot some of the projects.

The world is moving fast and some of the countries are already on the verge of turning to be a cashless nation. The voice recognition techniques are widely being used in many countries, where as you place an order in a shop and speak out for a payment through a particular wallet, the voice recognition technique follows and automatically the payments take place.

Although India has made a mark for itself in the global map, but such technological advancement are needed for steps towards a cashless economy. After all, “Desh badal raha hai!’