Two Great Advantages of Demonetization in India.

1. Two Great Advantages Of Demonetization In India.

2. As the country is slowly acquainting towards the cashless economy and the Indian government is highly inclined towards the digital India vision and making the whole ecosystem go cashless. The government authorities affirm and debate that the cashless economy would render high monitoring and recording of the financial transaction. This might actually help to find fraudulent who are involved in the money laundering and tax evasion. Furthermore, the transactions would be recorded in the digital format leaving no loose ends to find the frauds easily. Hence a secure online Postpaid mobile payment can be done. No theft and no black money. It was on this note that the Government in 2016, implemented the Demonetization Act.

3. According to this act, implemented under the Government of Honorable Prime Minister Narendra Modi, who happens to be determined to reduce the corruption and terrorism that are widely spreading across the nation. It resulted in banning the high currency notes of Rs 1000 and 500. These high denomination notes are the circulation currency for the terrorism fields. Although this created unabated chaos with more citizens waiting in long queues in front of the banks to exchange their money. It affected utility bill payments like Electricity bill payment. But what led to the chaos was the vulnerability of the unbanked who happens to be the part of 3/4th of India that is highly digital untapped. it is here, that the cash dependency was high and the digital literacy was low. Hence the citizens started to depend on the banks that were located 30–40 kms away, opened their banked accounts and then exchanged their money. Although the digital payments would pave the path for the secure payment ecosystem for online postpaid payment . It is not devoid of fraudulent online, and with the disconnection of the internet or losing the smartphones, people are stripped away from any kind of cash which might lead to dire consequences.

4. Hence the demonetization act also cast light at the importance of the alternate payment modes that e the citizens needed to be financially empowered. The various government regulations aided small merchants to adopt digital payments. The payment service providers improvised on the technology with their innovation to provide the best service to the customers. Having said this, many mobile applications took the forefront to hold the bill payment sector at the digital clutches with the offers like  Gas bill payment offers.  But the rural regions were still highly underserved. In-order for the people to bank on the new robust technologies. The Fintech companies like XPay Life started to look out for building new robust technologies that would render the underserved to be digitally empowered. This seemed like a herculean task as the hurdles included the stagnant mindset the villagers were groomed with and coupled with the immense dependency of the most simple forms of transaction modes.-cash. It was highly impossible to take cash out of the formula and lead to Online Recharge DTH. Hence this Fintech company included cash in the digital formula that aided in the new robust innovation called the ATP kiosk and Mobile Van.

5. The Mobile Van is taking the banking and bill payment facilities to the remotest regions of India. This is streamlining the processes at the bill payment sectors where bill collection was a colossal challenge. Hence the Mobile Vans equipped with the ATP kiosk and the mini-ATMS and also the vending machines started traversing the length and breadth of India focusing on the remote villages. The ATP KIOSK is accepting cash as a bill payment mode and making the transaction digital for vodafone broadband postpaid bill payment. Hence the bill payment sector has seen maximum changes and the digital India vision is being realized with the innovations that are constantly changing the way people perceived the bill payment process in the country.

6. CONTACT US MAILING ADDRESS 8th Floor, B.M.T.C / T.T.M.C Building,6th Block, Koramangala, Bangalore-560095. EMAIL ADDRESS info@xpay.life PHONE NUMBER +91-88843 56000