Digital transactions boom in India

digital payment and technology
The number of digital financial transactions made through Unified Payments Interface and Unstructured Supplementary Service Data mode has grown exponentially by 3,574 percent and 10,603 percent, respectively, till January 18, Union Minister PP Chaudhary said

As on January 19, 2017, over 3.8 lakh customers and 21,000 merchants have been rewarded under Lucky Grahak Yojana and DigiDhan Vyapar Yojana.

Common service centres (CSCs) are functioning as ground level soldiers for spreading awareness about less-cash economy in the country.

“Since the beginning of the month of December 2016, a total of 1.97 crore citizens and 6.15 lakh merchants have been trained by CSC workers as on January 19, 2017,” said Chaudhary, Union Minister of State for Law and Justice and Electronics and Information Technology, while addressing an Assocham summit ‘Growing cashless & digital economy.

Chaudhary said various other societies and organisations within the Ministry of Electronics and Information Technology like National Institute of Electronics and Information Technology and National Informatics Center have also started undertaking initiatives for awareness building and training on digital payments.

He said the Bharat Interface for Money (BHIM) app has witnessed several million downloads in the country in a span of just few days.

“With further updates of applications to be released in the coming few days, we expect it to become the mainstay for undertaking financial transactions throughout the economy sooner than envisaged earlier.”

The minister said the digital payment will generate a transparent economy and enhance direct and indirect tax collection.

“We can assume there can be a rise of 25 per cent of the direct taxes and this money could be used in shoring up infrastructure to bridge the divide between rural and urban,” he added.

Common Service Centres (CSC) under the Ministry of Electronics and Information Technology (MeitY) will soon start offering Permanent Account Number (PAN) Services to citizens across the country.

The Common Service Centres will enrol with the PAN Service providers in order to fully utilise the CSC network in the PAN application process and act as facilitation centres to expand the outreach of physical and online PAN applications.

Many village level entrepreneurs (VLE) in the CSC programme have already enrolled themselves for the PAN facilitation network.

CSC have contributed significantly by providing e-governance services through their existing network to citizens. CSCs have been a major contributor to the DigiDhan Abhiyan for Digital Literacy and have enrolled around two crore rural citizens and around six lakh merchants for digital payments,” said Aruna Sundararajan,secretary, MeitY.

“Adding the PAN application process to their portfolio is a significant step to bring e-governance services convenient to access and closer to the doorstep of the citizens,” she said.

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