Goa likely to be the first state to go cashless
Goa is set to become the first Indian state to go cashless, starting from 31st December 2016. People will be able to buy almost anything, from perishables such as fish, meat and vegetables, to other goods using their mobile phones. While cash transactions will not be banned, the move is expected to encourage people to move gradually towards a cashless society.
Goa likely to be the first state to go cashless
Goa is set to become the first Indian state to go cashless, starting from 31st December 2016. People will be able to buy almost anything, from perishables such as fish, meat and vegetables, to other goods using their mobile phones. While cash transactions will not be banned, the move is expected to encourage people to move gradually towards a cashless society.
Goa crucial to PM Narendra Modi's dream
"One thing we decided is that whenever India becomes a cashless society, Goa will become the first. We have to support the prime minister's dream," said Defence Minister Manohar Parrikar.
How will the cashless system work?
People can engage in cashless transactions by dialing *99# from their phones (does not necessarily have to be a smartphone) and following the instructions. This system is being set up to encourage small vendors to embrace a cashless system. Transaction amounts will be deducted directly from a buyer's bank account, and deposited in the seller's. Online and card payments will also continue.
Goa's existing advantage
Goa has a population of about 15 lakh people. Interestingly, the state has around 17 lakh mobile phone connections, and around 22 lakh bank accounts, suggesting that some people own more than one phone and one bank account.
How is Goa preparing for this massive change?
Small vendors, small businessmen, and the public will be educated on how to engage in cashless transactions using mobile devices starting from tomorrow. As of now, these workshops and awareness programmes are set to take place in Panaji and Mapusa in Goa. Defence Minister Manohar Parrikar said that this would be the first step in realizing PM Narendra Modi's cashless India dream.
