use of chip and PIN or Aadhaar cards) over a defined time period. SMS alerts now made mandatory for all card related transactions is another added security feature. Encryption of transactions for value above ₹ has also been mandated for all mobile based transactions as a better security protocol.
Conclusions There are valid reasons for maintaining cash, from the perspective of commercial banks and central banks alike. Given the widespread desire to use cash, banks should facilitate rather than obstruct customers in using their preferred method of payment. Time will tell how the use of cash will evolve once instant payments are introduced in the near future.