VISA has initiated the #KindnessIsCashless
Historically, India has had a predominantly cash based economy. The country is making solid progress on its path to a digital economy. However, what often goes unrecognized is that cash carries a significant cost that hurts the economy, with the consumer bearing the highest burden.
The need for India’s digital transformation has been long driven by the Government and the RBI and has been powered by the people of the country with equal vigor. Enabling India’s transition to a less-cash economy has been at the core of Visa’s long-term strategy.
Visa’s study on “Accelerating growth of digital payments – a five-year outlook”, observed a direct link between digitization of payments & economic growth, with $10.4bn potential savings over five years.
Kindness driving Cashless in India
The Government of India’s moves in November last year to drive a transformation to a less cash economy and curb corruption, and the response from the people of India was overwhelming. It was a clear reflection of the positive sentiment among the people and the little gestures of kindness across regions and ages was an affirmation of the nation coming together against corruption.
As a tribute to the kind and brave India, Visa curated this exhibition on the theme ‘Kindness is Cashless’ with a collection of photographs that showcase India’s journey towards digitalization.
This unique exhibition is the extension of the #KindnessIsCashless campaign launched by Visa in December 2016. The campaign aimed to create cashless ambassadors by celebrating and encouraging people to teach others how to go cashless, creating the new Digital India.
The campaign came to life when the Visa team observed the unique explosion of kindness, which could be rightfully termed as a cultural movement emerging in India as people helped others to go cashless. People coming forward and helping strangers in a new kind of volunteerism. The pictures share inspiring stories of kindness from amongst us, a collective experience forcing positivity and generosity to anchor a new India.
Mr. T.R. Ramachandran, Group Country Manager, India and South Asia, Visa said:
“The youth of this country are the levers of change and they have demonstrated their resolve strongly with their optimism and kindness during the drive to less-cash. India has a huge opportunity to advance the development of its payments system and achieve important national objectives such as financial inclusion, promoting transparency, and widening the tax base.
“The Government of India has encouraged the discussion of a less–cash society and digitization of payments will be instrumental in driving the vision of the ‘new Digital India’. In turn, this would encourage a virtuous cycle of economic growth and job creation, making India a land of opportunities for the current and future generations.”
At the event, Kindness booths have been set up inviting you to share your kindness stories. Consumers can walk up to the Kindness booth, enter their name and story into a laptop provided, and press the pledge button. Pledges will be projected onto the giant LCD screen and the pledge counter will increase. Those not at the event can press the pledge button on Visa India’s Facebook page. A link to the Facebook page post will trigger the pledge counter on the LCD screen at the event.
Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products.