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High-five for digital India!

Tuesday, 24 January 2017
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It was November 2016, just a few days after Diwali, when a decision to demonetise certain currency notes was announced in India. All INR 500 and INR 1000 currency value notes were declared nil value with immediate effect. It was a move from the Indian government to abolish the infiltration of fake currency notes that were fuelling various nefarious activities hampering the countryÔÇÖs economy. The government also urged the public to slowly move towards digital money movement leveraging technology for ease and convenience. While all this meant a stable and transparent economy in the long run, it required a lot of planning to cope with the change.

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While I was still wondering how to help my family deal with this situation, I got a panic call from my wife. In a frenzied voice, she raised concerns about to handle payments in this situation. Being an Indian expat living in the UAE for the last 2 years, I have been sending money back home to my family, month on month using money transfer services.

  1. Setup a bank account :

    So, first things first, I helped my wife open a bank account to which I began transferring money. With UAE ExchangeÔÇÖs instant bank transfer services, the amount was credited to my wifeÔÇÖs bank account and we were both notified of the same. This saved a lot of her time that she otherwise spent in going to the remittance house to collect the money.

  2. Created electronic clearing services for recurring expenditure :

    Several utility bill payments, childrenÔÇÖs school fees etc. were made using this bank account. With facilities like ECS (Electronic Clearing Services), we created a payment mode that automatically made the payment on a stipulated time of the month on our behalf.

  3. Installed a payment application :

    I helped my wife install a payment on her smartphone, and taught her how to use the same to make payments of smaller denominations. From paying the local vegetable vendor, to the grocery store, this payment app was extremely helpful and convenient.

    With the above changes, today, my wife effortlessly handles the household expenditure and has gone cashless! And she is happy she did!

Last modified on Tuesday, 24 January 2017 09:16