Goa is likely to become the first state in India to go cashless from December 31.
There will be no need to carry your purse for purchases as all transactions will be done on the mobile.
One has to dial *99# from their mobile phone, not necessarily a smart phone, and follow the instructions to complete the transaction. The money will be debited from the bank account of the person making transactions.
This system is being introduced for small vendors who don’t have the swiping machines, to become tech-savvy.
People can also buy perishables like: fish, vegetables etc.
Apart from this the normal swiping transaction will continue to flow in the state.
The move is to encourage a cashless society and there will be no ban on cash transactions. There will be no minimum limit on the cashless transfer of money.
Chief minister Laxmikant Parsekar said no fees will be charged for any of these transactions over the mobile.
Defence minister Manohar Parrikar said your mobile will become your bank and one can do anything once he/she has registered her/his mobile number with the bank under the central government unified payment interference (UPI). Chief Secretary R K Srivastava said that Goa has an added advantage to be become the first cashless society because it is a small state with about 15 lakh population and 17 lakh mobile phone connections. Since most of the people in Goa use debit or credit cards while purchasing and hence it will not be a problem to go cashless, Srivastava added.
The Centre has also formed a new committee, headed by Niti Aayog CEO Amitabh Kant, to form a strategy to expedite the process of transforming India into a cashless economy. The panel is tasked with identifying various bottlenecks affecting access of digital payments.