Cashless transactions to be introduced in Delhi University

Cashless transactions to be introduced in Delhi University

Delhi University has introduced digital identity cards to students. This may encourage cashless transactions as the cards can be used to make payments

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Delhi University has introduced digital identity cards to students. This may encourage cashless transactions as the cards can be used to make payments in the college, reports asianage.com.

Laxmibai College is the first college to launch a similar facility. The digital cards work by the help of a Radio Frequence Identification (RFID) chip and can be used for payments of library fines, photocopies and canteen food, among others.

Students have the possibility of recharging their cards with amounts from Rs 500 to Rs 5,000. “The students can recharge their RFID cards from the bank in our college,” a college official said before asianage.com.

Mobile commerce platforms and e-wallets are gaining popularity in India`s colleges. Sri Ram College of Commerce, Kamla Nehru College, Ramjas College, Sukhdev Singh College of Business have already introduced e-payments within their campuses.

Speaking to asianage.com, a KNC student commented: “Many students like me were making payments only through cash earlier but after the demonetisation, we started using e-wallets like Paytm, though we did not find it much difficult as we were already having e-payment service in our college,”

Last month, timesofindia.com reported that country`s Finance Minister of Corporate affairs urged banks to promote digital payments.

“Earlier, it was so much in cash and cheque. This was the Indian normal. Now there will be less cash transactions and an increase in digital currency.”, he said in an interview with the new Indian Express (newindianexpress.com).

The recent demonetization in India have also increased the interest in digital currencies like bitcoin, reports cryptocoinnews.com. For this reason, bitcoin sales across several exchanges are also on the rise.

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