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Inventi Impact - Microfinance & Banking

Articles

  • Inventi:mmb/21345/16
    CASHLESS INDIA IMPLEMENTATION USING IOT
    Pooja Sudhakar Mali*

    In this paper, the possible business models that can implement IoT in a cashless are examined. In India, cash is the main mode of payment. This makes the country to be heavily cash- based economy. The main objective of IoT is connecting various types of electronic devices together for a great experience in the day-to-day activities. Integration of internet and connectivity into more devices along with payment functionality will lead to greater number of payment endpoints. Card issuers like Master Card, Visa and American Express will gain from increased non-cash transactions and the wide database of the customers. Internet of Things is attractive not only for software and hardware developers, but also for banks and other companies to enable innovative payment experiences and provide wide range of methods to accept payments using NFC chips, payment apps, sensors, tracking devices, etc. In conclusion, the study points that the move towards a cashless India brings with it numerous benefits but there is still the need to create more awareness to entice the numerous unbanked Indian’s into the banking system.

    How to Cite this Article
    Pooja Sudhakar Mali. Cashless India Implementation Using Iot. Inventi Impact: Microfinance & Banking, 2017(2):100-103, 2017.
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