Page 35 - Insurance Times December 2018

systems are heavily reliant on smartphones that are there is an overall technological disconnect that is
enabled with data connections, NFC, Bluetooth etc. ensuring that cash remains king.
Author states that Government efforts towards the
elevation of these cutting-edge, novel technologies and Customers have manifold payment gateways to transact
their systematic penetration among the masses will with insurance companies
inevitably lead to a boundlessly prolific cashless
economy.

5
 Satyen Kothari (2018) in article "5 reasons why
consumers still don't use digital payments" emphasized
that India is well on its way to becoming a trillion dollar
digital economy and government departments are
actively driving the blueprint to achieve this. However,
we aren't there yet. It is because of habit, trust,
transparency and pervasiveness.

6
 Vivek Kumar Singh (2018) in his article "How Digital
Payment Technologies Are Replacing Cash in India"
opined that cash as a payment instrument is still
dominating the payment space, and digital payment
usage is still limited to a small, largely urban and Banking Cards
technologically enabled audience. Author further states Banking Cards offers customer security, convenience and
that delving deeper into the payment practices and hassle free payment options to handle their financial
infrastructures in the country, one can clearly see that transactions. They will include both Debit and Credit Cards.

Source:https://inc42.com/buzz Data plotted as on January'18

Source:https://inc42.com/buzz Data plotted as on January'18

The Insurance Times, December 2018 35