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Sesame's latest effort to assuage the cash crunch has been largely successful, with banks and bank customers showing enthusiasm to shift towards cashless mobile based payments. This prove that, given enough incentives and right channels, public acceptance to new technology is swift. Although a large share of daily payments are now digitised, more needs to be done to achieve truly cashless society. Cooperative banks, the backbone of Indian rural economy, needs to be empowered, bringing in truly innovative digital solutions that will bring India one step closer to a truly digital economy.
Project E-Village, which will roll out in several phases, aims to create fully cashless ecosystem in Indian villages, which can be scaled up to cover entire districts, states and eventually, the entire nation. By encouraging mobile based banking, cooperative banks can broaden access to banking and assure seamless banking service at all times.