Despite the push to cashless transactions through a variety of digital payment options, Indians seem to be going back to using cash a year after demonetisation. A recent study by MicroSave tracks the efforts to promote a less cash society by public sector banks and the National Payments Corporation of India.

Key Steps : “The task of building a less cash eco-system is colossal but not impossible,” according to the study.

Identify and on-board merchants : Merchants become critical in promoting a less cash ecosystem, especially in rural India.

Installing acceptance infrastructure : Once merchants have been on-boarded, banks must provide appropriate acceptance infrastructure at their shops. Options can include economical and compact card swiping m-PoS terminals or platforms such as BHIM Aadhaar Pay, Bharat QR Code

Train merchants to facilitate digital payments : Merchants must be trained in conducting digital transactions, and in turn they can train customers, especially in rural areas.

Customer education : Mass media platforms, financial literacy campaigns, live, hands-on training on digital transactions and create “product champions” at the village level to promote a steady uptake of digital payments.

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