Digital India Vision Beginning with demonetization in November 2016, Government of India has been going full throttle to make India a cashless economy.
In a short span of a year, we have seen great progress on this front. Even our roadside kirana or vegetable vendor now boasts of charging through wallets. For an economy that was almost 90% dependent on doing cash transactions, this is a great start.
A lot of the effort is also being directed towards education about how cashless transactions are safe and convenient.
The government has been launching multiple products with the aim of simplifying cashless transactions and taking them to everyone. Good News for Cashless Statistics show that cashless transactions have grown by 50% since demonetization.
Point of sale (PoS) machines have also increased by 50% to 2.5 lakhs across merchant outlets. With over 800 million debit cards and 30 million credit cards in the country, the launch of the Bharat QR will ease infrastructure requirements and eliminate the need for PoS machines thus enabling more digital transactions. There is a paradigm shift in traditional payment methods Traditional payment methods such as cash and cheque still curry favour with a majority of our population. The older generation is not very tech savvy and is suspicious of digital transactions such as net banking, mobile banking, wallets etc.
However, online bank transfer methods of IMPS, RTGS and NEFT are now quite common in the younger generation. Large scale efforts are now being made to facilitate instant and convenient payments using alternate payment methods such as UPI and Bharat QR. New payment methods are gaining popularity due to the ease of use, government initiatives and incentives New ways of payments such as Wallets are disrupting the payments market due to attractive offers and cashbacks.
They took off in a big way after demonetization due to scarcity of currency. Scan and Pay using Bharat QR is an integrated payment system to pay using your credit/debit card by scanning a code instead of swiping a card. Bharat QR was created and supports all the networks of Visa, MasterCard, NPCI and Amex and now also supports UPI payments.
You can also scan and pay Bharat QR codes using the Udio App in addition to other bank apps. The Government of India has also launched various initiatives to spur cashless transactions.
Unified Payments Interface (UPI) as a means of payment has seen a huge surge in transactions especially through the BHIM App and with all the banks enabling UPI Payments.
AadhaarPay is for merchants to receive digital payments from customers through Aadhaar and biometric authentication. All these enable people to use their smartphones and even biometrics for making payments. With a plethora of options to simplify payments, the vision of going cashless is soon going to be a reality as India marches forward.
Are you a part of this journey? Download the UDIO App to experience a seamless way to pay.
Visit www.udio.in to know more