Cashless economy will be successful as EVMs: Naqvi

New Delhi : Union Minister Mukhtar Abbas Naqvi on Wednesday said digital methods of payment, online and mobile banking will be as successful as Electronic Voting Machines (EVMs) in India.

“India is the largest democracy of the world. EVMs have been hundred per cent successful in our country. Similarly, digital transactions, online and mobile banking will be successful,” he said.

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Addressing a conference on “Cashless India – Challenges and Benefits” at India Islamic Cultural Centre here, the Minister said: “Some people had raised questions about EVMs when the system was started. But it has been a great success as it ensured transparency in elections besides helping the common man a lot.”

“Similarly, the campaign for digital transactions will succeed,” Naqvi added.

He said that small shopkeepers and traders will be able to compete with big companies by adopting digital methods of payment.

Digital, cashless economy will also reduce burden on the banking system and help to control crimes, the Minister of State for Minority Affairs said.

Citing example of Sweden, Belgium, France, Canada, Britain and Australia, the minister said that cashless economic system can also be implemented in India.

“This would also strengthen the taxation system and more and more people will be brought under the income tax system. Cashless system will also help farmers, small traders of the country,” the Minister said.