Paperless Transactions are the Future!

Did you know that by 2017, India is set to cross the 500 million internet users mark? The growth in numbers is phenomenal, considering that it was 200 million in 2013. This rising number also includes the 314 million mobile internet users. Statistics released by IAMAI also reveal that the 3G user base in India is growing rapidly and will grow up to 61.3% during 2013-2017. Speaking in numbers, the approximate 82 million 3G user base in India at the end of 2014 is estimated to reach to 284 million by then end of 2017.

The increase in mobile internet penetration is also leading to an increase in the number of mobile applications being used. Everything is being shifted to the smartphone with the help of various apps available for download, be it gaming, social networking or even recharge apps, everything is available in plenty.

Financial matters are also shifting their base to the virtual world, as per the convenience of the customer. Transactions are becoming more and more paperless day by day. According to a report in The Economic Times, in the financial year of 2015, cashless transactions summed up to INR 92 lakh crore, as opposed to INR 82 lakh crore cheque and other paper-based transactions.

Here are a few major contributors to paperless transactions in India.

Retail Industry

The mall culture has changed our shopping outlook a lot since its inception. First, it gave us the facility of shopping for everything under one roof. Now, it is leading the way in paperless transactions as well. All malls and retail stores are equipped with POS machines, through which the customer can make card payments. With all our shopping needs being met without having to use cash at retail stores and malls, this industry has contributed a major share of INR 65 lakh crore in the total paperless transactions.

E-commerce

The contribution of e-commerce in India can be understood by the fact that in 2014, it registered retail sales of US$5.30 billion. In its initial days, COD was the more preferred option for payment for e-commerce transactions. But with time, online payment has increased its reach and now accounts for 14% of the total transactions.

Online Payment for Utilities

With the introduction of apps like digibank, utility bill payments have become easier. Payments for all utility bills are covered by these apps. You can also use dedicated recharge apps, which makes recharging your mobile phone online so much more convenient. And we all know how crucial mobile phones and recharges are in today’s day and date. Better discounts provided by these apps also attract more customers, making a significant contribution towards cashless transactions.

With all the advancements and statistical predictions, paperless transactions do seem to be the trend that we should look out for.

• Technology