Demonetize ke side effects

Today I went out with my family with  2 credit cards, one debit card & only Rs 100 in my pocket. After few purchases we wanted to have Golgappas from a roadside shop. However, @ rs 40/plate we hesitated as we were 3. The guy of course didn't have the credit card machine and we didnot have enough cash. So while we were disappointed and were thinking alternate, politely the man said "Sir you can also pay by Paytm". Incredible I thought :-) Reason I didn't think it worthwhile to download the app and use it in the past LOL.I had been trying to avoid using Paytm without any reason for many months though many taxi drivers had talked high of the payment system. Maybe I was just lazy.

One shock of demonetization has indeed changed the way we transact. So I downloaded the App and within 15 min was up and running and we had our Golgappas.

The demonetization announced by our PM - Mr. Modi is a great example of disruptive innovation. Although it was primarily announced to bring a halt to corruption and pull out the money hidden in the form of cash stashed at home, it has its other positive side effects.

I was amazed to see the great Indian Jugad at play for the past 10 days. While the honest people were trying to innovate methods of transaction in order to survive and avoid the long que in front of the bank, the black money owners were trying to figure out ways to protect their cash and get it converted illegally with the help of few corrupt but intelligent people.

Anyway, the short point is while the opposition may be correct in their protest, no one can deny the impact it will have in coming future on how we do our daily shopping. I will not be surprised if we only have to carry our mobile phone and debit or credit card with us. I will also not be surprised if we use Paytm or any such digital wallet for a rickshaw ride or for paying a vegetable vendor.

This is really historical and for that one reason I will be thankful to our PM and wonder if he had already thought of the side benefits while he had announced the measures @ 8pm on 8th Nov 2016.

Demonetize ke side effects 

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