Internet Interruption Could Leave You Cashless
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Interruption of internet in Delhi NCR, Uttar Pradesh and other parts of the country, that are grappling with unrest over Citizens Amendment Act and the National Register of Citizens (NRC),  should also be seen as a caution against  excessive  dependance  on digital payment devices and retaining some respect for cash. In not so good-old-days, ''cash is king''  would literally be the mantra of life. Then came demonetisation and everything changed for digital India. 

Cash or balance in your bank account is still the underlying asset that allows any of your digital transaction to be completed. Even if you are among those living on credit cards, you need to settle your bills electronically , month after month after for  all your shopping, eating out, local transport and sundry transactions including, maybe,  EMIs. The bottom line is all your earnings and spending are credited and debited electronically, making cash seemingly lose its currency sheen. 

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But then, all these digital transactions need an electronic highway to travel to and from debit /credit side of your bank account. What if this highway crashes even if for a few hours? Such a scenario would generally not happen; but can we take smooth passage on digital drive for granted?  

Spending behaviour clearly shows that the millennials and even somewhat seniors are so much used to digital life that they have virtually stopped carrying cash in their wallets. They do need cash at some point of life, but then they would withdraw currency from ATMs (not from bank branches) in smaller lots. Small queues before ATMs are generally seen in the evenings; but the cash dispensed last for this generation of "guys" only for a few hours and they are back to their plastics or payment apps. Nothing wrong about it as long as things go smooth. What if things do go wrong, as happened on Thursday, December 18? Well, you can be put to a lot of inconvenience, because no cab can be hired without internet; likewise no Swiggys or Zomatos can oblige you sans the Net.  

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Those in the older age brackets, are adapting to digital economy fast,  but continue to keep cash in their wallets. Moms, not the young ones though, would have their bags full of cash piled from their monthly or weekly kitty parties. This comes handy in the nick of time.

Moral of the story is things can go wrong around internet, not always because of law and order issues. There can be technical glitches, server crashes , local or  global virus attacks. Wisdom lies in rediscovering "cash as king" literally at least for meeting basic needs. Those millennials or young professionals staying away from parents/ families need to appreciate some elderly tips and keep at least some cash in hand. The way cash is losing charm among these folks would not leave them scope even for borrowing some handy notes, because they are all in the same digital boat unless their elderly landlords oblige them, in the absence of their guardians around them. So, keep some cash handy!         

The author is a Delhi-based senior journalist

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