IIT innovates, rest follows....

It is only today, we are talking of cashless transactions. But three years ago, in 2013 itself IIT came up with an innovation – NFCs.

You can use a ‘tag’ on any personal belonging like a mobile phone or an ID card and make payments at shops through it. This ‘tag’ concept was part of the ‘virtual wallet’ project launched by ItzCash, Canara Bank and Rupay. With this concept, a cashless world no longer seems like a far-fetched dream.

This concept was first traied and tested at the Indian Institute of Bombay Campus and for nearly 2000 students there, shopping was all about a tap on their mobile phones. This cashless card concept was introduced in the campus in 2012  September and iwas later extended to other IIT campuses and corporate campuses. There are three active reloading spots and 35 stores enabled with this technology, students use this concept to settle their bills, purchase books and even eat in canteens without shelling out a ‘real’ note. The technology used for this is NFC i.e. Near Field Communication wherein devices establish radio communication by touch or bringing them in close contact. NFC is used in various European nations for public transport while China has implemented it in bus services across the country.

In India, NFC concept is still a new one and in the coming years, hopes to eliminate the usage of smaller currencies. But is India ready for this technologically advanced, cashless world? Would that really eliminate smaller denominations of Indian currency?