INDIA INTRODUCES LOTTERY FOR CASHLESS

The Indian government this week introduced official lottery to encourage citizens to go cashless as the demonetisation policy continues to make raw cash very scarce.

The new lottery promoted as a Christmas gift is to start running from Christmas day to April 14, 2017.

People using Repay, USSP, UPI and AEPS payment channels will receive a number to be entered into a daily draw which will see 15,000 winners receiving 1000 rupees (about $15) daily.

Then there will also be a weekly draw from which 7000 more winners will win between 5000 and 100,000 rupees.

On the final day, that is April 14, there will be a mega draw to come up with first, second and third prize winners.

Payments made through credit cards and e wallet are not covered in the lottery. Covered are transactions over 5000 Rupees and below 50 Rupees.

This way the government hopes to encourage a lot more Indians to go cashless believing that this will also help fight corruption as hard as the demonetisation policy was intended to.

The lottery compliments earlier roll out of multiple incentives to drive the nation towards being really cashless. These include discounts when payments for fuel, toll and railway tickets are made through e payment.

However, critics are already faulting claims for its efficacy as anti corruption tool.

Firstly, they fear that with India's ambitious digital banking dreams for 2019 very much behind, especially in target connectivity for villages, not many still excluded can be attracted by the lottery and incentives.

Besides, pointing to Kenya with 75% adult population already into digital payment yet the country ranks 139th out of 168 most corrupt countries, they argue that hoping to fight corruption through cashless transactions is a waste of time and, political trump card of sorts.

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