Our country is on a journey to becoming a digital superpower and, over a period of time, we all have realized that this vision of Digital India cannot be complete without digitizing cash-use in our country. A less-cash environment is completely dependent on a robust digital payments ecosystem, which is still at a nascent stage; … Continued
Carbon credit-like system can curb cash usage Cash is an expensive cost to India’s economy. A recent report concluded that India spends about Rs 21,000 crore annually in currency operation costs. This includes printing, storing and transporting the cash, as well as the expenses incurred by banks in setting up and maintaining ATMs. Then there … Continued
Rupay card usage via PoS machines triples in Nov Rupay cards have seen a surge both in terms of value and the number of transactions in November, according to data compiled by the National Payments Corp. of India. The increase is more at Point of Sale (PoS) machines than at e-commerce websites, indicating people’s preference … Continued
Livemint.com , November 24, 2016 Maximum e-wallet transactions in 25-35 age group: data E-wallets such as ItzCash and Oxigen are being used by people to buy groceries, pay utility bills and book tickets because of a cash crunch following the government’s demonetization drive. The maximum amount of transactions is attributed to the 25-35 age group, … Continued
Livemint, November 23, 2016 No transaction charges on debit card payments till 31 Dec: Govt The government on Wednesday asked banks to waive the merchant discount rate (MDR) or transaction fee charged on debit card payments until 31 December to encourage more customers to use digital transactions.All public sector banks and some private lenders have … Continued