Android Century
  • Home
  • Android Zone
    • Android Apps
    • Android Games
    • Apps APk Files
    • Games Apk Files
    • Apps Hack Tricks
  • Reviews
  • Fantasy Zone
    • Entertainment
    • Quotes and Status
    • Life Style
    • Home Made Tips
    • Hair Care
    • Skin Care
    • Fantasy Tips
  • Tricks
    • Free Recharge
    • Free Internet
    • shopping Cashback
    • Recharge Cashback
  • Tech
  • Mobiles
  • Gadgets
  • News
  • How To's
  • Software
Breaking
Loading...

Featured post

How to Take Great Photos With Apple's iPhone X

Recent Posts

Labels

  • Android Apk Files
  • Android Apps
  • Android Games
  • Apps Apk Files
  • Entertainment
  • Fantasy Tips
  • Gadgets
  • Hair Care
  • HomeMade Tips
  • How To's
  • News
  • Quotes
  • Quotes & Status
  • Recharge Cashback
  • Recharge Promo Codes
  • Shopping Cashback
  • Technology
  • skin care
Home / News / Modi govt targets 25 billion digital transactions in next economic year

Modi govt targets 25 billion digital transactions in next economic year

Latest Govt. Jobs 23:54:00 News Edit
Modi govt targets 25 billion digital transactions in next financial yearThe government’s plan to reach 25 billion digital transactions in the next financial year will be driven by consumption-based payments, said experts, who expect digital education of both consumers and merchants along with security steps and enabling regulations to support the process.

While demonetisation was a great push towards increased digital transactions, challenges to keep the momentum going remain as 90% of the Indian economy still uses cash, representatives of financial technology companies, wallet providers, banks and payment platforms said at a panel discussion on building a cashless future at the Global Business Summit on Tuesday.

“We need relevant solutions for different demographic as the masses may have different needs, then there’s low awareness levels, and economics … we feel every small merchant should be able to accept any kind of payment,” said Badal Malik, chief executive at Catalyst, a joint initiative by the Indian government and the United States Agency for International Development.

“Mobile wallets were good enablers. We need now to drive consumption, which in turn drives payments,” said Anil Mathur, director, enterprise partner and industry solutions sales at Microsoft India.

According to Adhil Shetty, chief executive of online loans marketplace Bankbazaar.com, yet another challenge to attain a cashless economy would be doing away with paperwork in the process to provide loans and issue other instruments.

ET Global Business Summit: Track the detailed coverage

The government is targeting to achieve 25 billion transactions in India through multiple facilities including platforms such as Aadhaar Pay, Unified Payment Interface, Immediate Payment Service and debit cards. The government also launched a mobile app, Bharat Interface for Money (BHIM), for facilitating e-payments through bank accounts. Since December, it has been used by 125 lakh people.

As the government grapples with issues to take cashless payments to the masses, some are concerned about security and privacy issues.

“I’m wary of privacy - the government will not come back to me on my spending pattern or my family’s,” said Shhyam R Singhania, chairman of Enarr Group, which has interests in venture capital. He said the government has set up a committee of chief ministers under the Prime Minister to suggest ways to ease consumer concerns towards digital payment. Also, the Niti Aayog is undertaking creation of a payments regulator.

“While the intent is there, it boils down to execution and consumer education,” said Ritesh Pai, senior president and country head for digital banking at Yes Bank. He expects millennials, who prefer self-service transactions, to power the digital drive and take the share of cash payments down to 50-60% by 2025 from 90% at present.

Sunil Kulkarni, deputy managing director at wallet company Oxigen, said while wallets and cashless payments would hit core banking transactions, banks would remain relevant.

“Digital platforms should be used for smaller transactions which will lower the high cost per transaction, while banks can be used for larger transactions,” he said, adding that the market of 950 million customers was big enough to accommodate both methods.

Making more smartphones available to do digital transactions will be yet another enabler towards a cashless economy. “Having mobile phones with multilingual capability in various parts of the country can be a driver,” said Rajesh Khairajani, partner at advisory firm Inde Global, which is part of KNAV International.
Share on Facebook Share on Twitter Share on Google Plus

RELATED POSTS


Xiaomi Redmi 5 launch

Vodafone partners with Tecno to off...

LG G7 with iPhone X-like notch
Modi govt targets 25 billion digital transactions in next economic year Modi govt targets 25 billion digital transactions in next economic year Reviewed by Latest Govt. Jobs on 23:54:00 Rating: 5

0 comments:

Post a Comment

Newer Post Older Post Home
Subscribe to: Post Comments ( Atom )

Search This Blog

TEST BOOK FOR GOVT ENTRANCE TEST

TEST BOOK FOR GOVT ENTRANCE TEST
Find All Latest book for preparation of SSC,RAILWAYBANK PO,RBI,BANK CLERK,GATE ME,GATE CE are available here in less prices, to check out the books click here

Translate

  • Popular Post
  • Random posts
  • Category

Popular Posts

  • Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Refer & Earn Offer:  Hey Guys! Today I make an article about Teen Patti Referral ...
  • Hands-on with the home windows 10 Creators update for the Xbox One: Beam recreation streaming arrives
    The Windows 10 Creators Update is here, now—yes,  now —but not (officially) on the PC. The ...
  • Taotronics TT-BH22 Headphones Review
    We make it a addiction to now not look up pricing of a product sooner than reviewing and if ...
  • Jio effect: Telcos may have to cut data rates 2017
    India's big  telecom  companies,  Bharti Airtel ,  Vodafone India  and  Idea Cellular , will be ...
  • How To Install Xposed Framework On Bluestacks
    How To Install Xposed Framework On Bluestacks
    How To Install Xposed Framework On Bluestacks For Rooted Bluestacks Only Requirements: ...
  • Hands-on: HP's Lap Dock helps your Windows Phone feel more like a real PC
    HP’s Lap Dock represents a future where a smartphone is powerful enough to replace your ...

Random Posts

  • Top 10 Must-to-do Things before Rooting via KingoRoot
    Top 10 Must-to-do Things before Rooting via KingoRoot
    18.02.2017 - 0 Comments
    More and more Android users attempt to root their devices to avoid the limitations set by the manufactures…
  • Pokemon Go is adding 80 more monsters for you to catch
    Pokemon Go is adding 80 more monsters for you to catch
    15.02.2017 - 0 Comments
    Pokémon Go ’s latest event for Valentine’s Day is coming to an end but Niantic is keeping…
  • The Humble Freedom Bundle will get you 40 games for the price of only one
    The Humble Freedom Bundle will get you 40 games for the price of only one
    15.02.2017 - 0 Comments
    Humble Bundle has a new high value bundle on offer and you’ve only got one week to claim…
  • Nexus 9 Review: Excellent Value – If You Can Find One!
    Nexus 9 Review: Excellent Value – If You Can Find One!
    11.02.2017 - 0 Comments
    UPDATE: The HTC-made Nexus 9 tablet is now officially dead… and this is a real shame because…
  • CAT S60 review: Rugged however not for each person
    CAT S60 review: Rugged however not for each person
    25.04.2017 - 0 Comments
    CAT or Caterpillar is a well known name. But it is well known for making engines and…

Labels

Android Apk Files Android Apps Android Games Apps Apk Files Apps Hack Tricks Entertainment Free Internet Freecharge Gadgets Games Apk Files How To's Laptops Guide Mobiles Reviews Technology Viral's android zone free recharge

Entertainment

Tricks

Popular Posts

  • BenQ’s flagship photographer SW320 4K monitor in India costs Rs 1.25 lakh
    BenQ has launched ...
  • How To Install Xposed Framework On Bluestacks
    How To Install Xposed Framework On Bluestacks
    How To ...
  • (no title)
    I’m thinking of ...
  • Take a look at Louis Vuitton's iPhone 7 case, costs a whooping $5000
    You've just ...
  • Sony Xperia XZs first impressions: At Rs 49,990 every other ‘top rate’ supplying
    Sony Xperia XZs is ...
  • LG V20 review
    LG VERDICT ...
  • How to Test Your Internet Speed from the Command Line
    How to Test Your Internet Speed from the Command Line

Random Posts

  • RBI announces setting up of Standing Committee on cyber security
    RBI announces setting up of Standing Committee on cyber security
    09.02.2017 - 0 Comments
    The Reserve Bank of India has constituted an inter department Standing Committee on Cyber…
  • Meet Bat Bot, the new flying batlike drone
    Meet Bat Bot, the new flying batlike drone
    04.02.2017 - 0 Comments
    Holy drone, Batman! Mechanical masterminds have spawned the Bat Bot, a soaring, sweeping and diving robot…
  • Xperia XZ (with Nougat update) review
    Xperia XZ (with Nougat update) review
    16.03.2017 - 0 Comments
    Sony VERDICT The best smartphone Sony has ever made. The only problem is that while the Xperia XZ is…
  • Swipe Elite 4G with 5-inch display, 8MP camera launched at Rs 3999
    Swipe Elite 4G with 5-inch display, 8MP camera launched at Rs 3999
    19.08.2017 - 0 Comments
    Swipe Elite 4G is claimed to be “India’s most affordable 5-inch 4G smartphone with Gorilla Glass” on…
  • government operating on options for duty sops sought through Apple
    government operating on options for duty sops sought through Apple
    30.03.2017 - 0 Comments
    The government is working on certain options to accommodate demands related to tax and duty concessions…

Most Popular

  • Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Refer & ...
  • SAMSUNG GALAXY J7 (2016) REVIEWS
    SAMSUNG GALAXY J7 (2016) REVIEWS
    SAMSUNG GALAXY J ...
  • Top 5 Best SmartPhones under 7000 Rs (March 2017)
    Looking for the ...
  • Apple, IBM, Cisco are huge because of Indians, do not deny them H-1B visa: RBI Governor Urjit Patel
    ...
  • SAMSUNG GALAXY J7 (2016) Specifications
    SAMSUNG GALAXY J ...
  • BlackBerry Teases Marshmallow Beta Testing for Priv by Next Week
    Blackberry ...
  • LG Q6 Review
    LG Q6 Review
    2017 is ...

Contact Form

Name

Email *

Message *

Offers Zone

Created By Android Century Distributed by Android Century
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms of use
  • Advertise here
Subscribe Via Email Subscribe To Android Century By Email And Get Free Updates. ;-)


Your email address is safe with us!