Delhi University College Introduces Digital Cards for Cashless Transactions
A Delhi University college has turned its attention to digital identity cards for students that can also be used to make cashless payments to the college, reports The Asian Age.
Two months ago Laxmibai College launched the digital cards, which has a Radio Frequency Identification (RFID) chip attached to it. Students can use their new identity digital cards to pay things such as library fines or food charges.
Considering the country’s recent banning of its largest banknotes, the Rs 500 and Rs 1,000 notes, this new digital payment card will come in handy for students. It is hoped that it will help to alleviate currency woes in the country.
Only recently, the Indian finance minister urged banks to promote digital banking while stating that digital currency will become the ‘new normal.’
Students at Laxmibai College can use it with amounts ranging from Rs 500 to Rs 5,000.
Other colleges are also operating an e-payment system for students to pay for facilities. These include Sri Ram College of Commerce, Kamla Nehru College, Ramjas College, and Sukhdev Singh College of Business.
Speaking to The Asian Age, 23-year-old student, Shivam Dewan, spoke about his café, Xchange Over Coffee (XCo), which accepts books for payment of food and beverages.
He said:
We accept books, both fiction and non-fiction, in good condition and give free meals. We are an exchange shack, and promote bartering instead of buying.
The Rise of Digital Currency in India
India is experiencing a massive wave of interest in the digital currency bitcoin. This interested has intensified due to the recent demonetisation. As a result, bitcoin sales have increased across several exchanges over the last few weeks.
While the country may have already been exploring the potential possibilities of a cashless society, the demonetisation result will eventually push the country into becoming a society that undertakes more digital transactions.
This can only be a good thing for India and bitcoin.
Bitcoin Here to Stay
Whichever way you look at it, though, bitcoin intends on sticking around for the foreseeable future.
This means that it’s important that countries realize the benefits that the currency can provide and how they can implement the currency into society.
It remains to be seen how long it will take the country to fully introduce digital transactions, but the fact that measures are already being taken demonstrates that the country is committed to forward-thinking measures that will only benefit the country in the long run.
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