Goa best place to start with cashless economy: Parrikar

Hailing Prime Minister Narendra Modi, Defence Minister Manohar Parrikar on Sunday said that Goa is the best place to start with the cashless economy adding that the cashless component will be boosted the state by upto five to ten times.

"As per prime minister's call for a cashless economy, I think Goa is a place where the cashless economy can be implemented effectively. By end of December, we plan to boost the cashless component in Goa five to ten times. This can serve as a typical model for other states," Parrikar told ANI.

Parrikar said the process is in full-swing and action plans have been finalised and will be implemented soon.

"More than 80 per cent countries in the world run on cashless transactions. In Goa at present, 20 per cent transaction takes place through cash, we will escalate it to 60 per cent," he added.

Asserting that it will take 50 days for the situation to normalise post demonetisation, Prime Minster Narendra Modi today appealed to the people to embrace digital banking to tide over the currency crunch.

In a renewed push for making India a cashless economy, Prime Minister Modi in his Mann Ki Baat programme said, "Scrapping these notes has opened other avenues to make payments. Download apps of banks and e-payment options. Shopkeepers can keep card swiping facilities and everyone can ensure they pay safe using their credit and debit cards."

He asked traders and small shop owners to provide alternative payment methods such as using POS machines, e-payment wallets and other such "friendly technologies" to their patrons.

The prime minister said that by adopting such technology, even small traders can immensely increase their profits.