20:38 GMT03 December 2020
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    Goa is likely to become the first Indian state with cashless pay via a mobile phone starting from December 31, local media reported Sunday.

    MOSCOW (Sputnik) According to the Times of India newspaper, one would need a mobile phone, not necessarily a smart-phone to perform the transactions. The system is due to transfer money to small vendors who do not have swipe machines.

    "The money on purchases will be debited to the person's bank account," Chief Secretary R K Srivastava told the newspaper. The authorities also expect that the new scheme would minimize pick-pocketing.

    There will be no extra charge for the transactions performed.

    According to the newspaper, cash payments will also remain in place at small vendors. The innovation is being introduced in order to develop the system of cashless payments in the country.

    The move comes just two weeks after Indian Prime Minister Narendra Modi announced demonetization of 500 and 1000 rupee ($7.3 and $14.6) currency notes, making them invalid to help counter black money, fake currency business and corruption. According to him,the people holding the invalid notes can deposit the same in banks and post office accounts from November 10 until December 30.


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