There will be no need to carry your purse for purchases as all transactions will be done on the mobile.
This system is being introduced for small vendors who don’t have the swiping machines, to become tech-savvy.
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.
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.