Skip to main content

It's Time India Gets Cashless Payment

India just had a mobile network revolution yesterday; thanks to Reliance Jio. It's time India gets another long-due technology i.e. mobile payment. There are many advantages of using mobile payment over cash or ATM cards.

  1. You are less likely to lose your phone - assuming you fiddle with your phone as much as I do. Even if you lose your phone, you can at least try to track it down using GPS.
  2. Your phone doesn't physically deteriorate over time.
  3. No need for mints. No wastage of paper. It's environment friendly.
  4. No maintenance needed unlike ATMs.
  5. More secure than ATM PIN codes. Mobile payment uses your fingerprints for verification.
  6. Mobile payment is much more convenient. Your employer transfers your salary to the bank and you can directly pay from your bank account. No need to withdraw the cash and hand it over to the merchant, who eventually does the reverse process after they received the money. Such waste of time. Instead just bring your phone or watch close to the payment terminal and your done. How easy is that!
  7. And dude, it's more hygienic! Let's not touch dirty notes, shall we?
  8. Best of all, we won't have to deal with the fake notes anymore.

There are many Indian companies which have been implementing merchant payment in their apps. PayTm and FreeCharge are two of the popular ones. But they are not as convenient as Android Pay, Apple Pay or Samsung Pay. Because you have to either scan a code or enter a phone number to transfer the money and before that you have to transfer the money to the app's "wallet" from your bank account.

Of course there will be challenges implementing mobile payment in India. One of biggest hurdle is 2 factor authentication for Indian debit/credit cards. I am assuming this is the reason why none of the mobile payment solutions support Indian banks, yet. Because of 2 factor authentication, you also cannot use your cards in Google Play Store or Apple iTunes or even Netflix. Content creators worry about piracy. Even if someone wants to buy digital content legally, there's no way to do that. I'm hoping this situation will start to change in the next 2 years. It must. Just as Mukesh Ambani said yesterday, India cannot be left behind.

Comments

Popular Posts

Why I Started Blogging

It's been almost 5 years since I started blogging. This is the 30th post being published. That means over the course of 5 years, I've written 6 posts per year. Although 30 is much less than I would have liked, this is one of those pet projects I have continued even after the honeymoon phase. Today I want take some time and discuss why I started this blog in the first place. I was in my 3rd year of engineering studies when I started out. I had already developed a keen interest towards programming and tech in general by then. Having a blog seemed liked a cool idea. There were couple of more reasons to go ahead with this idea. That's what we are here to discuss today. Setting up a blog seemed like a technically challenging task. I wanted to know how to setup a blog with comments, advertisements and with a custom domain. It sounded like a great way to acquire new skills and learn new things along the way. Back then I didn't know anyone who shared my enthusiasm for tech...

How to Use NPS Tier II Account for Higher Returns & Greater Flexibility

NPS is Misunderstood The National Pension System (NPS) is often misunderstood. Unlike other investment vehicles, NPS is specifically designed for retirement planning . Every feature of this product is geared toward long-term investing , making it fundamentally different from conventional investment options. Financial security is a basic human need. For those earning a salaried income, receiving a monthly paycheck provides a sense of stability. Naturally, we want to maintain the same sense of security even after retirement. One of the best ways to generate a steady post-retirement income is through an annuity . An annuity works by investing a lump sum amount, which then provides a fixed income at predefined intervals — in this case, monthly payments. Importance of Annuities Scientific research has proven that humans are not biologically wired to make complex decisions repeatedly. Our brains tend to rely on shortcuts, which can often lead to poor decision-making . Emotions like f...

Angular's E2E Testing Framework - Why is it called Protractor?

The Angular Ecosystem Angular is an amazing framework. It enables us to build modern web apps easily. Yes we can build a modern web app with just HTML + CSS + JavaScript, maybe with a dash of jQuery 😉 But Angular just makes it whole lot easier. Users today's web apps to be fast, well designed, offline-capable, secure and a delightful. Since Angular is a opinionated framework, it forces you to make the right choices. Today Angular is not just a web framework. it has created its own ecosystem. As you might have guessed, I am a Angular fanboy 😎. But one thing I'm not a fan of is writing test cases 😛 I started learning about software testing in late 2019, because I asked to setup unit + E2E testing for one of our projects. What I learned was, Angular come with Karma + Jasmine setup (for unit testing) out of the box. But it has built a specialized E2E testing framework called Protractor . But I couldn't figure out why they called it Protractor of all things. Later it dawned o...

Tensai Sensei's Wisdom #1 - Simplify Your Life!

Wisdom #1 If you want to live a peaceful and happy life, automate/delegate/eliminate things that don't really add any value to your life. This will help you muster time for things that you want to do in your life. Always remember, time is your only asset that you cannot produce more of. Examples Automate - Your investments using SIPs Delegate - Hire a maid or a cook to do the chores Eliminate - Taking a bath every single day

Tensai Sensei's Wisdom #2 - You Want It? Go Get It!

If you want to obtain everything that you dream of, you have ask for it and work towards it. You can't just sit there and wish that you get it. Life doesn't work that way. Nobody's gonna notice you and offer things to you because you deserve it. No, you must seize it yourself! If you don't ask, the answer is always no The more you ask, the more you get. If you don't ask, you better forget (it). Everything is negotiable There is always a budget There are 2 types of people in this world - obtainers and complainers.