Chillar is a Marathi language word. The circulation of small denomination coins like 25 paise, 50 paise, and 100 paise in the economy can be described as the chillar economy.
These small denomination coins move very fast from one hand to another hand for small-purpose transactions. But recently because of digitization, the chillar economy is now becoming a thing of the past. People do not keep the change or chillar of 25 paise, 50 paise or 100 paise in their pockets. They are making the payment of even small denomination transactions through Google Pay or Paytm and so on.
But it has a harsh impact on the different sectors of the economy. The biggest adversaries of this are the beggar’s community. It is observed that many times people wish to donate a few coins to beggars. So they put up their hands in their pockets when they encounter the beggar. But they realize that they do not have chillar or change in their pockets. So they could not donate to the beggars.
Another sector which has been adversely affected by the chillar economy is the confectionery industry. The confectionery industry is the manufacturing industry of candy, sweetmeat and chocolate. It is observed that as the chillar economy is shrinking, there is an adverse impact on the sale of confectionery. People are not buying paper mint or chocolate.
The Chillar economy has also affected the social bonding between grandparents and grandchildren. In the past, often grandparents used to give chillar or a few coins to their grandchildren to purchase chocolates and other stuffs. This helps to strengthen the bonding between the older and younger generation. This bonding appears to lose its sheen as chillar economy is shrinking.
To conclude, digitization is adversely impacting the emotional, economical and philanthropic aspects of our life.