Posts Tagged ‘cashless’

V Narayanasamy: Cashless Transaction

Posted by admin on Friday, December 30, 2016

V Narayanasamy Money Quote saying after Prime Minister Narendra Modi requested they become a pilot state for digital banking that it requires work and transition time. V Narayanasamy said:
 
cashless transaction on a pilot basis - digital banking could not be resorted to at the drop of a hat Quote
 

“[Puducherry] has been selected to become a model state for cashless transaction on a pilot basis – digital banking could not be resorted to at the drop of a hat” — V Narayanasamy

 

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In this quote, former Puducherry Chief Minister V Narayanasamy seems to be explaining why Puducherry was chosen as a pilot area to promote cashless digital transactions. While the central government was pushing for digital banking nationwide, Narayanasamy acknowledges it could not be implemented everywhere immediately or “at the drop of a hat”.

By selecting Puducherry as a “model state” to test this transition on a smaller scale first, it allowed time for systems and infrastructure to be put in place along with educating citizens.

The quote suggests Puducherry was deemed a suitable pilot area to help work out any issues or challenges before the broader rollout of digital banking across India.

Narayanasamy appears to be justifying Puducherry’s selection by recognizing a gradual, experimental approach was necessary for such a large-scale economic and technological shift.

Dan Ariely: Cashless Moral Compass

Posted by admin on Wednesday, December 14, 2016

Dan Ariely Money Quote saying without coins and bills, we make no connection to the morals of spending and pay without doubt. Dan Ariely said:
 
The more cashless our society becomes, the more our moral compass slips Quote
 

“The more cashless our society becomes, the more our moral compass slips” — Dan Ariely

 

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Dan Ariely is suggesting that when we pay for things electronically without using physical cash, it can negatively impact our sense of morality around spending and purchasing. Using cash helps us make a more direct connection between our money and the items we buy. With cashless payments, this connection is less clear since we don’t physically hand over bills and coins.

As a result, our ability to judge whether a purchase is appropriate or excessive may become impaired. So Ariely argues that relying solely on digital and cashless forms of payment could cause our internal moral guidance around spending to slip or weaken over time as the impact of our spending becomes less tangible.

Narendra Modi: Cashless Economy is Clean

Posted by admin on Sunday, November 27, 2016

Narendra Modi Money Quote saying as Prime Minister of India to young people that a digital economy is better and asking them to teach older family and friends about it. Narendra Modi said:
 
A cashless economy is secure, it is clean. You have a leadership role to play in taking India towards an increasingly digital economy Quote
 

“A cashless economy is secure, it is clean. You have a leadership role to play in taking India towards an increasingly digital economy” — Narendra Modi

 

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Narendra Modi, the Prime Minister of India, is supportive of moving towards a more digital cashless economy. He is quoted as saying that a cashless economy is more secure and clean.

He believes that young people have a leadership role to play in teaching older family and friends about the benefits of a digital economy in India. The article presents Narendra Modi as encouraging Indians to use digital money and cashless transactions as the economy transitions away from a cash-based system.

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