If you live in India, demonetisation of Rs 500 and 1000 notes is what everyone has been talking about. A move to curb black money has affected the common people, who now have to bear the consequence of governments decision.
In the long term, this is a really good move. But what about the situation now? There are long queues outside every bank. Almost every ATM machine is out of order. The common man is indeed suffering.
I have received SMS from my bank about how I can use my debit / credit card to make payments. Online transactions now makes it easy to pay bills and pay for groceries. But not everyone has a bank account / credit / debit card. Some people who do have a debit / credit card are scared of using it. From what Google tells me internet penetration in india is at 34.8%.
A temporary phase, things will get better soon. I hope more merchants start accepting debit / credit cards. Where’s the Square alternative for India?