CIO Insider

CIOInsider India Magazine


The Cashless Uprising

Emmanuel Christi Das, Editor

Trade has played a major role in the development of mankind. From the evolution of barter system to the invention of coins and paper money, we have come a long way. Like every other millennium that witnessed a revolution or change, the 21st century too witnessed a major revolution in terms of our medium of trade. What was once at the centre of trade, is now gradually taking the exit.

Search #cashless and there is a swathe of tweets linked to Sweden, the UK, the US and increasingly

India as banks and financial institutions across the country pump money into marketing campaigns to encourage Indians to drop paper money and go cashless.

In the pre-internet era, electronic payments, especially credit and debit cards, became one of the most dominant forms of non-cash payments. Credit card was introduced by the Central bank of India in 1980 in association with Visa and Master Card. The retailers and the consumers adopted it quickly and as an easy way of making payments. With the arrival of the internet in the mid-90s, it brought in a new kind of boom with people selling their products and service online, known as “E-commerce”. In came the payment gateways and with it a revolutionary firm that made it absolutely necessary to have more modes of cashless payments. The GoI too saw this as a necessity to boost our economy. Unified Payment Interface, by the Govt of India and NPCI was one of GoI’s quintessential entrants to this race to cashless economy. Finally, just when you thought it can’t get any better, we are introduced to tap-to-pay payment cards.

Technology enablers have transformed how we transact and design a highly engaging and educative networking platform that encourages the stakeholders to collaborate and innovate. This edition is dedicated to those revolutionary ideas and changer makers.

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