Digital payments have now gone mainstream due to recent changes in the financial reforms of our country. Online transactions have paced up. The Indian Government continuously endeavors to take leap towards the paperless economy. Another such initiative taken was introduction of digital signatures for various online filings thereby contributing to paperless society and higher security and authentication of documents thereby contributing to sustainable development. Linking of aadhar with bank accounts, mobile numbers has considerably reduced the use of paper and documents. Opening of bank accounts with zero documentation, digitization by way of increased use of internet banking and digital payment wallets and applications has led to the revolution of paperless society Minimization of use of paper has contributed to the rise in quality of environment due to cutting of less numbers of trees owing to falling of demand of paper.
There has also been significant decline in cash operations, documentation and use of paper since 2017 due to considerable increase in online transactions, digital banking, mobile wallets and cloud storage etc.
Although the Government is taking plethora of initiatives for creating an ecosystem for zero documentation yet a significant work needs to be done to achieve the milestone of going paperless.
Written by- CS Nidhi Baglikar