Can India Become Cashless | Cashless Options (Pros and Cons) | List of e wallet Companies in India
A massive revolution, a storm of change, an unexpected maneuver – call it whatever you want. India’s Demonetization was a historic move that stunned the entire nation and the world. It was bold, it was ruthless and it was necessary. Congress had no balls to bring this change. They had no backbone to even think of such a change for their entire existence is now wrapped in corruption. PM Modi did the unexpected. He waged a war against corruption, black money and terrorism. In the process, he earned himself many enemies and at the same time, he earned himself millions of well-wishers and praises. By banning currency notes of denominations 500 and 1000, PM Modi has struck hard and sharp on black money and corruption. He has slapped Pakistan-sponsored terrorism and has put an end to counterfeit currency notes.
That’s good! However, there is a tiny problem. The country is today facing a currency crunch as lower denomination notes are not readily available. Long queues in front of banks and at ATMs are testament of the problem that the citizens of India are facing today. However, despite all problems they are enduring, people of India are supporting PM Modi’s move to fight black money and corruption.
But what about daily cash transactions? How to deal with the shortage of currency notes of smaller denominations? This is where cashless transactions come in. There are a wide range of options available for digital transaction. The only problem is that not many people have adopted those options and the question of adaptability still lingers. In this article, we are going to comb through the various options that are available for us and how we can fight this cash crunch and in the process, usher into a world free of cash.
But, before we start, there is one important question that we need to address. The question is, ‘why should we go cashless?’
Let us find an answer to this question first.
Why Should We Go Cashless?
This question can be best answered by taking a look into the benefits of cashless transaction. So, instead of wasting time, let us take a look at the table below:
|Wallet Theft||Have you ever faced a situation where your wallet has been picked? All the cash in that wallet is gone, right? Imagine if you had just a debit card or a credit card. Was it possible for the thief to make use of the card without getting the OTP or One Time Password? The OTP is sent by the bank to your mobile phone and hence, the thief would fail to use the card.|
|Mobile Theft||There are several digital wallets available today, which allow cashless transactions in places like movie theatres, ticket booking, utility bill payment etc. You can load money to these wallets digitally through your plastic money (debit cards and credit cards) or by internet banking. What if the mobile is stolen? In case the digital wallet didn’t have money preloaded, the thief would have hard time using the digital wallet for purchasing anything because he needs to first load the wallet with money from your bank account. This will mean that the thief either needs to know your card’s CVV number or the login credentials of your internet banking.|
|Reduced Cost of Printing Money||If all transactions go cashless, the money spent on printing currency notes will be reduced drastically. This means, crores of rupees will be saved and the government treasury will stay full. That money can be spent for a number of purposes like repaying foreign loan, spending for infrastructure development, spending for providing education facilities to children in remote places of India and more…|
|Reduced Logistics Cost||Just printing money is not the end of the story. The money has to be sent to banks and ATMs. This requires heavy logistics. Once transactions go cashless, those logistics costs will be reduced and this will lead to strong government treasury.|
|Counterfeit Currency Can Be Controlled||If cash is not used, the problem of counterfeit currency will come to an end. Counterfeiting is possible only if paper money is in circulation. If counterfeit currency is stopped, a number of good things will happen. The most important being brakes on terrorism and strong economy.|
|End of Black Money and Corruption||Once transactions go cashless, every single dime spent and earned will be tracked. This means, all money will be accounted for and government can track everyone’s financial strength. The problem of black money will be ended immediately. People cannot accept bribes through digital transactions because those transactions will be immediately tracked.|
|Instant Payment||Using cashless options like payments through plastic money or mobile wallets or internet banking allows people to pay money or receive money almost instantly. There will be no waiting time.|
There are various other benefits of using cashless transactions. However, covering them all in details is not a feasible option in this case as we will be deviating from the actual objective of the article. So, we will stop with the benefits and focus on what we intend to talk of in this article.
Now there is another question that we need to answer. The question is, “What kind of expenses can be covered using digital transactions?”
Where Can We Use Digital Transactions?
Did you know that on an average an Indian performs a minimum of 45 transactions to 60 transactions in a month. Those transactions span from grocery to bill payments and all. Here are the types of transactions that can be taken care of through digital transactions:
- Purchase of groceries.
- Salon and parlor expenses.
- Payment to helpers like newspaper man, maids, milk man, laundryman and more.
- Petrol purchase in case of owned vehicles. Payment for tickets in case of public transport.
- Payment of utility bills, taxes, phone bills etc.
- Payment of fees for schools and colleges.
- Paying for investments like PPF, mutual funds etc.
- Shopping clothes and other stuff.
We cannot say that everything can be covered under cashless transactions because there will be areas where we have to pay in cash. For instance, not everyone will go for online purchase of groceries. What about purchasing fish and meat? It is India and usually items like those are sold only through cash transactions in market places where installing cashless features is nearly impossible. On top of that many people do not have access to cashless transaction options. For instance, mobile wallets require smartphones with internet access. Elder people can barely use those services. There are people who do not have bank accounts and hence, no debit card or credit card. These are usually poor people from villages and city slums.
So, making the entire country go cashless is more of a far-fetched dream for now. However, it cannot be ignored that there are at least 10 cities in India where a minimum of 90% of daily transactions can be carried out without involving cash money.
Are There People Who Have Actually Gone Completely Cashless?
Guess what? The answer to this question is ‘YES’. There are people both in India and abroad who have not only achieved this but are known to enjoy a happy life. Let us talk about those people in brief.
The person from India who went completely cashless
The name of this Indian person is Abhishant Pant. He is a professional at Fintech and is 35 years old. He suddenly decided to live cashless. In order to achieve this, he started using a number of apps that he can use for almost everything from traveling to purchasing grocery to paying for street food. His objective was to live a cash-free life, which is essentially the dream of our current PM, Mr. Narendra Modi. Modi’s vision is to create India which is free of corruption and black money. Pant said that it took him 3 months straight to convince his domestic maid to agree on receiving her monthly remuneration directly at her bank account. Eventually she agreed and later, she thanked Pant because after she started receiving her monthly remuneration through her bank account, she developed the habit of savings.
David Wolman – the person who shunned cash for good
Outside India, there is a person named David Wolman who, one fine day, decided to give up cash and live a cashless life for 1 year straight. Except for a few exceptions, his experiment was very successful. Then he started looking for technologies and people who could help him in his venture. He eventually wrote a book where he summarized all his experiences. The book is titled: The End of Money: Counterfeiters, Preachers, Techies, Dreamers – and the Coming Cashless Society.
Now that we have seen examples of those who have gone totally cashless, here is another big question that we need to address – “How do we go cashless?” In fact, this is the biggest question that we need to answer. Let us embark on this journey.
How Do We Go Cashless?
When we think of going cashless, a number of options start floating in front of us. Of all the options that we have, E-Wallets or Electronic Wallets definitely steal the limelight despite the fact that they are only a recent development. Let us learn about them first.
E-Wallets – Your First Step Towards Going Cashless
E-Wallets are like real cash except that the cash here is digital. There is no paper currency. They can be easily compared to a wallet we carry physically in our pockets. Our physical wallet has to be loaded with money. We then carry the wallet with us, pull out the cash wherever we need and pay. It is nearly same in case of E-Wallets. We need to load our wallet account with cash and then we can pay for whatever we need using the money that is present in the wallet.
The question here is…
How do you load money to your E-Wallet?
E-Wallets allow adding money using Debit Card, Credit Card or Net Banking. You can select the amount of money you want in your wallet and the follow the instruction to load money through your savings bank account or through your credit card. It is advised that you avoid using credit card to load money to your E-Wallet.
Once the money is added, you can now use it to pay for a number of things like mobile bills, mobile recharge, DTH services, electricity bill, flight or railway ticket booking, ordering food etc. The only condition is that the vendors that you need to pay to have to accept the mode of payment.
There are a number of such E-Wallets that have tied up with various vendors across India. For instance, there is Paytm, Mobikwik, Freecharge etc. which are accepted by majority of the vendors. Interestingly, these E-Wallets have a number of promotional offers as well which can help you to save a lot of money. These offers have a promo code that you need to apply every time you want to make a purchase or you want to make a payment. The most popular of all are the cash back features which when used allow you to earn back some cash. The cash you earn back is credited directly to your E-Wallet account.
Many of these E-Wallets have even tied up with vendors who do not have online existence and people can purchase products through those vendors directly through these wallets.
How to use mobile wallets?
In case you want to use mobile wallet, you need to follow the following steps:
Step 1: Downloading and installing the E-Wallet.
- Visit Google Play Store or Apple App Store from your mobile device.
- Search for the app in the store. For instance, if you want to install Paytm, search for Paytm in the store and tap on it.
- The app page will open where you can see the ‘Install’ button. Tap on the button and the app will be installed.
Step 2: Registering with the E-Wallet
Just because you have installed the app, it doesn’t mean that you can use it right away. You need to register. Here is how you do it:
- Open the app and you will be asked to use your social media account (Facebook or Google+) to register. Alternately, you will also have the option of registering using your email ID.
- You will have to add your phone number. Ideally, it should be the same number which is in the phone on which you have installed the app.
- Tap on ‘Register’ button and the app will send an OTP or One Time Password to your phone.
- Most of the apps will automatically detect the OTP. If the app doesn’t do that, you have to manually enter the OTP into the app and your phone number will be verified. This will complete the registration process.
Step 3: Add money to your E-Wallet
Here are the steps you need to follow:
- Look for the option which says Add Money and tap on it.
- The app will ask you to enter an amount. Enter the amount you want to add.
- Once you enter the amount, you will be asked to add a payment source. This can be you debit card or even your credit card. Or, you can also use your net banking option. In case you are using your debit card, you will have to enter the card details including the CVV number and then you have to complete the payment using OTP or 3D pin. In case you want to use net banking, you will have to use your login credentials and they authorize the payment.
- Once the money is added, you can go back your app and check the balance in your account. The money you added will show in your wallet account.
Step 4: Using your E-Wallet
This is pretty simple and hassle-free. Since the money has already been added, you can now easily select the vendor you want to pay and enter the amount you want to pay. Paytm for instance will allow you to pay your electricity bills, purchase movie tickets, purchase flight tickets, bus tickets, train tickets, purchase various products like electronics, fashion wear, kitchen and home products and more. You can book hotel rooms as well. Most of the E-Wallets work with a surprisingly high number of vendors and whether it is bill payment or making a product purchase, these E-Wallets will very likely greet you will exciting offers every day!
Once you want to make a payment, here is what you need to do:
- Select the vendor you want to pay.
- Select the amount you need to pay.
- Authorize the payment through OTP. The OTP will be sent to your registered mobile number. Once you authorize the payment, the payment will be made within seconds. You can later check your payment history from your wallet account.
If for any reason the payment doesn’t go through (for example, no internet), the money will be reverted back into your wallet account.
There is another interesting feature of these E-Wallets. In case you want to transfer the money in your wallet back into your bank account, you can do that as well! Isn’t that interesting?
How many different E-Wallets are there?
There are several wallets in market. The table below gives the different wallets that you can use for your daily cashless transaction needs:
|Wallets That Work Independently||Wallets That Have Been Introduced by Banks||Wallets That Have Been Introduced by Telecom Companies|
|Paytm||State Bank Buddy||Idea Money|
|PayU Money||LIME by Axis Bank||Reliance Jio Wallet|
|Mobikwik||Chillr by HDFC||M-Pesa by Vodafone|
|Freecharge||ICICI Pockets||Airtel Money|
Please note that the list above is not complete and there are several other wallets like Oxigen, ItzCash etc. You can always search Google Play Store or Apple App Store to find other mobile wallets that you can use.
In case you want to know where you can use these wallets, the table below will give you a quick overview:
|Paytm||Yes||Yes||Yes||Uber and Meru||Zomato Order, Big Basket, Swiggy, Grofers||Croma, eBay, Paytm||PVR Cinemas, Cleartrip, MakeMyTrip, BookMyShow, IRCTC, Paytm|
|Mobikwik||Yes||Yes||Yes||Meru||Zomato Order, Big Basket, Swiggy, Grofers||Myntra, Jabong, eBay||PVR Cinemas, Cleartrip, MakeMyTrip, BookMyShow, IRCTC, Mobikwik|
|Freecharge||Yes||Yes||Yes||Meru||Zomato Order, Swiggy||Jabong, Snapdeal||BookMyShow and IRCTC|
|Ola Money||Yes||Yes||Yes||Ola||Doormint, Box8||Healthkart, Voonik, eBay||Oyo Rooms, Cleartrip, BookMyShow|
|ItzCash||Yes||Yes||Yes||No||No||Yebhi||Redbus, Cleartrip, Yatra, IRCTC, BookMyShow|
|PayU Money||Yes||Yes||Yes||No||Big Basket, Grofers, Zomato Order||Croma, Myntra, Jabong, eBay||Cleartrip, BookMyShow, MakeMyTrip|
|Oxigen||Yes||Yes||Yes||No||No||Croma and eBay||PVR Cinemas, BookMyShow, IRCTC|
|Airtel Money||Yes||Yes||Yes||No||No||Myntra, eBay||BookMyShow|
|M-Pesa||Yes||Yes||Yes||No||No||WalMart India, eBay||BookMyShow|
You may ask, which are the most popular E-Wallets in market?
Since you are asking this question, we kind of feel obligated to tell you the answer. We have used a number of wallets over time and found that the following ones listed below are the most versatile ones:
- PayU Money
The reason why we haven’t listed any of the bank-operate wallets or wallets backed by telecom companies is that they have a long way to go. They have other businesses to take care of and hence, they mostly do not take care of their E-Wallets. The private or independent wallets focus entirely on their wallets. Because of their exclusive focus, they can offer a wide array of offers which are usually not available with bank or telecom company operated mobile wallets.
The best that we have used so far is Paytm. In terms of offers and deals, Paytm beats almost every other wallet in market. Not just that, Paytm has teamed up with more vendors than any other wallet operational in market. So, our vote goes to Paytm. You may think otherwise.
In case you want to enjoy cashless travel, you can opt for the following two wallets:
- Ola money – operates only for Ola Cabs
- Paytm – it has teamed up with Uber and Meru Cabs.
Are Bank E-Wallets Different from Independent E-Wallets?
Bank E-Wallets are no different from independent E-Wallets. They operate in the same way as the independent ones. You need to add payment details and your mobile number to register with these wallets and then you need to load money to your E-Wallet account. You are free to choose the amount of money you want to load and you can select a mode of payment. In case of mode of payment, you have the options of credit cards, debit cards and net banking. Once you load money to your bank’s E-Wallet, you can use it in the same way you will use any private or independent E-Wallet. Some banks have actually teamed up with some vendors to give exclusive offers. For instance, Axis Bank has teamed up with Café Coffee Day. Lime is CCD’s official E-Wallet and every time you complete a transaction at CCD using Lime, you will be earning rewards.
Good thing about banks’ E-Wallets is that some banks are offering their E-Wallet service even to those people who do not have an account with those banks. So, if you think that E-Wallets from banks are safer and more trustworthy, you can always opt for those.
NEFT / RTGS / IMPS
In case you want to go for more conventional cashless transactions, you can always ditch the mobile wallets in favor of NEFT or RTGS or IMPS. These are electronic money transfer services which are offered exclusively by banks. Good thing, these services are available across all banks. However, you need to know that these services may call for some charges and also, they do not give any exclusive offers. In order to use these services of any bank of your choice, you need to have an account with the bank you want to use.
What is IMPS?
IMPS stands of Immediate Payment Service. It is used for transferring money immediately (we mean instantly). It can be used to send money from one bank to another. The service can be accessed through ATMs, mobile banking and internet banking. Good thing about this service is that it can be used 24X7 for 365 days including holiday (such as usual weekends and even national public holidays).
What are NEFT and RTGS?
NEFT stands for National Electronic Funds Transfer while RTGS stands for Real-Time Gross Settlement Systems. These two services are also available only through banking system. Both these systems can be used to transfer money to bank accounts of other banks. However, unlike IMPS, these services are not available 24X7. They can be availed only and only during banking hours. More importantly, they are not available during holidays (public holidays or weekends). Both mobile banking and internet banking can be used to avail these money transfer methods.
Steps to follow to use RTGS or IMPS or NEFT using mobile banking
In case you need to transfer money while on the go, you can always use mobile banking for using RTGS or IMPS or NEFT money transfer features. Here are the steps that you will need to follow:
- Visit your bank and have your mobile number registered for mobile banking.
- Once the mobile number has been registered, you can now download the official mobile banking app of your bank.
- Once the app is downloaded and installed on your phone, you will now have to register with the app. You have to enter simple details like your name and your mobile number. Since your mobile number is already registered for mobile banking, the app will pull out the details of your account simply by using your mobile number.
- Once the registration is completed, you will then have to create an mPin. This mPin will be required to authorize all the transactions you want to undertake using your mobile banking app.
- After you have created your mPin you have to select the type of transfer (NEFT or RTGS or IMPS). Once you select the transfer type, you will have to enter the beneficiary details and the amount of money you want to transfer. Once the details have been entered, you can then tap on the ‘Transfer’ button and the transfer will be done.
That’s all… Well, depending on the bank you may have to go through slightly different steps for using these money transfer features using the mobile banking app.
Comparative study of NEFT, RTGS and IMPS
Are you wondering about the differences between the three types of money transfer services? Don’t worry! We have you covered. You can take a look at the table below to understand the differences and all the features of these services.
|Transaction limit daily||Minimum||Minimum Re. 1||Minimum Re. 1||Minimum Rs. 2 lakhs|
|Maximum||Different banks have set different limits but it usually ranges between max INR 50,000 and INR 2 lakhs||There is no maximum limit set however, for a single transaction, no more than INR 10 lakhs can be transferred. If more has to be transferred, a separate transaction is to be initiated||There is no upward limit for RTGS transaction. Crores can be transferred in a single day. However, there are some banks which limit the amount that can be transferred in a single transaction. Multiple transactions will be required to send more money. HDFC for instance has a limit of INR 10 lakhs per transaction but unlimited transactions are allowed.|
|Outward transaction fees||Up to INR 10,000||INR 5 for every transaction plus Service Tax||INR 2.50 for every transaction plus Service Tax||Not Applicable|
|Between INR 10,000 and INR 1 lakh||INR 5 for every transaction plus Service Tax||INR 5 for every transaction plus Service Tax||Not Applicable|
|Between INR 1 lakh and INR 2 lakhs||INR 15 for every transaction plus Service Tax||INR 15 for every transaction plus Service Tax||Not Applicable|
|Between INR 2 lakhs and INR 5 lakhs||Not applicable||INR 25 for every transaction plus Service Tax||INR 25 and Service Tax extra|
|Between INR 5 lakhs and INR 10 lakhs||Not applicable||INR 50 for every transaction plus Service Tax||INR 50 and Service Tax extra|
|Days on which service is available||Monday to Sunday – 7 days a week, 365 days a year and 24 hours a day. Service can be availed even on public holidays||Monday to Saturday. This service cannot be availed on Sunday and on public holidays||Monday to Saturday. This service cannot be availed on Sunday and on public holidays|
|Time when this service can be availed||This service is available round the clock. This means, it is available 24×7 for all 7 days of a week||This service can be availed from morning 8 to evening 7 from Monday to Friday. For Saturday, the service is available from 8 in the morning to 1 in the afternoon.||This service can be availed from morning 9 to evening 4:30 from Monday to Friday. For Saturday, the service is available from 9 in the morning to 1:30 in the afternoon|
|Speed at which money is transferred||Instant transfer. There is no waiting time. The moment the funds are transferred, the beneficiary receives the funds immediately.||There are time batches. Money transfer takes place within this time batches. These time batches are dependent on time and day of the week.||There are time batches. Money transfer takes place within this time batches. These time batches are dependent on time and day of the week.|
|Beneficiary details that are required||The bank account number and the IFS Code of the beneficiary bank can be used for transfer. You may also transfer money simply by using Mobile number and MMID or Mobile Money Identifier of the beneficiary||For the purpose of fund transfer using this method, you will need the bank account number and the IFS Code of the beneficiary||For the purpose of fund transfer using this method, you will need the bank account number and the IFS Code of the beneficiary|
What is Unified Payment Interface?
The Unified Payment Interface or UPI is yet another method of going cashless. What is unique about this service is that it fuses all payment services in a unified platform, thereby allowing everyone to transfer or receive money electronically using a smartphone. All that is required is an identifier which can be any one of the following:
- Aadhar Number
- Mobile Number
- Virtual Payment Address
There is an app for UPI which can installed on mobile phones and tabs and then it can be used for making small transfers up to INR 1 lakh.
Here is what you will need in order to use the UPI for funds transfer:
- You will need to install the UPI app on your smartphone or tab.
- You will need to attach a bank account to your UPI app.
- Once you install the UPI app, you will have one Unique ID which will be associated with your mobile number. Every person who uses the UPI app will be given an ID which will be unique. This unique ID that is provided is called the virtual payment address. The ID will look something like is: email@example.com. Instead of this virtual ID, one can use the Aadhar number or the mobile number. If Aadhar number or mobile number is used, the unique ID will look something like this: firstname.lastname@example.org. You need to know that for each bank account, a different Unique ID will be allocated. Once the Unique ID is created for each bank account you attach, you will have the option of selecting which bank account you want to use for sending money. In case you want to receive money, you can give the Unique ID for the bank account where you want to receive your payments.
- You have to register with the UPI app. You will have to login into the app every time you want to use it. Once you log in, you will have to enter the Unique ID of the person to whom you want to send the money. Enter the amount you want to send and then tap on the send button. You will then be asked for authentication, which will be done only when you enter the password or PIN.
Using UPI or Unified Payment Interface is simple and can be used for daily transactions. It is fast and secured and hassle-free.
Go Cashless with Debit Cards and Credit Cards
This is something you already know. Debit Cards and Credit Cards have been around for a long long time. They are more famously known as Plastic Money. Interestingly, a new variant of plastic money has come in market. It is known as Prepaid Card. However, Prepaid Cards are not that new. They too have been around for quite some time now.
Plastic money is widely accepted by many merchants. Simply swipe your card, enter your PIN and voila! You have made a payment for a product or service you have purchased. Whether it is jewelry or grocery, whether it is electronics or fashion wear, whether it is furniture or kitchen equipment, you can buy almost everything using your plastic money. You can book tickets and pay restaurant bills, you can pay school fees and purchase books, you can buy petrol or simply pay your water bills and electricity bills…
Now the question is, how are these cards different? In case we want to give details of the differences, we will keep on writing and writing and hence, we will skip the unnecessary trouble and give quick differences:
- Debit Cards – banks issue debit cards and these cards are always attached to the bank accounts of the users.
- Credit Cards – banks can issue these cards and so can other financial organizations.
- Prepaid Cards – banks issue these cards and are used as alternatives to Cheques and cash. You need to purchase a card and then you can decide on how much money you want to load. You can simply pay the amount and the card will be loaded with the exact same amount. It is not necessary to have an account with the banks from which you are purchasing these cards.
In order to use plastic money, you will have to purchase goods and services from those vendors which have swiping machines which are usually known as POS machines or Point of Sale machines. The vendor will enter the necessary amount and then swipe your card. Once the card is swiped, you will have to enter your PIN to confirm or authenticate the transaction. The PIN that you need to enter in the POS machine will be the ATM PIN that you use.
Not just offline, you can actually use the plastic money for making online purchases. E-commerce sites now accept plastic money from almost every bank. In case of online usage, you need to enter OTP or One Time Password, which is sent by the bank to your registered mobile number. YES, you need to have your mobile number registered with your bank for using plastic money online. Online transactions can be a bit risky because you will have to give your card details which include your card number, your name and even the CVV number of your card. These details can be easily stolen online. Hence, you need to make sure that you are using your card(s) only at reputed websites and also ensure that you have a proper antivirus and internet security installed on your computer to prevent phishing and hacking.
Some interesting data on plastic money:
Here are some interesting data on plastic money. We are only sharing these data because we thought you might find them interesting. The data is for July 2016 and has been taken from website of Reserve Bank of India:
- Banks in India have issued 25.9 million Credit Cards by July end.
- Banks in India have issued 697.2 million Debit Cards by July end.
- Various banks in India have installed 1.44 million POS machines at different locations all over India. Of these 1.44 million, 1.16 million have been provided by State Bank of India, Corporation Bank, Axis Bank, ICICI Bank and HDFC Bank.
- In July alone, Indians completed 881 million transactions using debit cards. These transactions took place at POS terminals and ATMs.
- Of the 881 million debit card transactions, 85% took place at ATMs across India for cash withdrawal.
It is clear that Debit Cards are mostly used for cash withdrawal only. This is disturbing because Debit Cards have more to offer. They can help people to minimize cash usage. As we have mentioned earlier in this post, the lesser cash we use, the better it is for our economy.
In case you are thinking that demonetization has made your life difficult, think again. There are many options open for you where you can simply take care of your daily expenses without the need for having a single penny in your pocket. If you are cursing PM Modi for this demonetization, it is better you stop doing so and look at the bigger picture. It is your country and you should be proud if black money and corruption can be eliminated. Today’s pain will bring happiness tomorrow. So, work towards going cashless. Once you get the hang, you will find it easy, efficient and time saving.