India has been trying to take its big step into a daring attempt no country has ever tried to – A complete and 100% digital economy. Ever since the word is pronounced, it got a great hype towards itself and the economy. There are a few key notes to be checked on if we really, really want ourselves a part for a complete Digital Transformation.
First, the infra-structure requirement. India as an emerging country in the global economy had gained attention from various parts of the globe, resulting in every country trying to hack into any Indian servers as possible. The question is, do we really have the safety infrastructure to sustain these hacking attempts from all parts of the globe??? - Which could either governments or hackers or Information Pirates. As per current statistics, we are very low in this regard. SBI renouncing 19 lakh debit and credit cards to save its customers from information theft could be one example. Okay, will it be positive for Digital India if we ever come over this in the near future???
The second issue comes as an answer to this question. People’s mentality against banking charges. For a good Digital Economy – cross platform transactions will be required, which is on contrary with the current banking charge system. We can’t even make more than 5 transactions even in our own account holding bank ATMs. The other middle man corporates namely Paytm, Paypal, Airtel – whatever you name it, will surely have their own service charges to be implied upon transactions. Let’s say, we go to shopping in a mall, where our minds change into watching cinema in the current scenario – with complete Digitalization. I need to pay for the car parking, pay for shopping in maybe three outlets, buy tickets for cinema and in the Interval snacks. The amount of tax deductions and banking charges over all this could not be very attractive to any customer. The middleclass life is still more hectic - where I need to pay for travel, even for tea and lunch and at the end I would have spent more than 20 – 30% extra of what I really had consumed.
So, Is Digital India really possible?
Yes. We need to change the current banking scenario and also need to accessorize the end user to make it a pleasant and good experience. People did not mind spending on their cards when the charges had been suspended during demonetization. Further planning towards utilizing the current available technology with robust safety measures and accessorizing people to prevail an easy access to their cash transaction system will be the only measure, to make Digital India possible. AS per my view, Digital India is possible 100% only, only when our government gives people the leverage to transact as easily as they take money out of their purse and give it someone. Let’s see to it India is the first country in the world to go completely Digitalized ASAP.