Very Recently biggest private industry loan provider ICICI Financial institution together with Tech Mahindra released a transaction support ‘Tap-n-Pay’ based on the near-field communications (NFC) technology, allowing clients make over-the-counter expenses without using money. It can be used for vendor expenses by merely hitting a NFC-enabled cell phone or a tag on the reverse.
IRCTC RuPay debit card is an addition to the cashless payment system. It is launched by National Payments Corporation of India (NPCI) and is the first payment gateway system in India. The card is offering both virtual and physical options for the customers. It is in the line of Visa or MasterCard. The card is now can be used to make bookings and made payments for booking in rail.
Norway, Sweden and few other countries are smaller than India but have already implicated the cashless system in full effect. Now here’s lie the logic that a big country, specifically a subcontinent, like India can’t go cashless completely.