The financial sector in India is currently experiencing a golden age, and its biggest driver is the effort to move toward a less-cash economy. With reports suggesting that around 95% of all the transactions in the country were made using cash until very recently, it is a well-known fact that the life blood of the Indian economy has been cash. On November 8th, 2016, the Government of India announced its step to devalue specific currency denominations to battle corruption, terror financing and the numerous cash stockpiles of unaccounted for money. But, demonetisation had another effect – it created the greatest impetus for the transition from cash to digital transactions for the Indian economy.
That’s not to say, however, that the basis for this revolution was not successfully laid down beforehand. The foundation for a less-cash economy was set in the JAM (Jhan Dhan-Aadhaar-Mobile) trinity. The Pradhan Mantri Jan Dhan Yojana, which was initiated in August of 2014 as a tool for financial inclusion, has today managed to open over 22 crore bank accounts for citizens previously without one. Aadhaar, the world’s largest national identification number project, has covered over 99% of Indians aged 18 and above[1]. With Aadhaar helping in direct biometric identification for the less fortunate and Jan Dhan bank accounts and mobile phones allowing direct transfers of funds into their accounts, successive governments had put in place the foundational infrastructure for digital banking. The JAM trinity alone, however, wasn’t by itself adequate to make digital payments a preferred transaction mode. It took other technologies such as the Unified Payments Interface (UPI) and wallets, which in turn took the alternative modes of payment available post-demonetisation to gain recognition among the bulk of the nation’s populace. The government even offered two schemes to incentivise payments by digital means. The first, the Lucky Grahak Yojana, promised consumers daily and weekly prizes for simply making a transaction without cash. The Digi-Dhan Vyapari Yojana, offered prizes to merchants for engaging in cashless transactions.
In the past year, the government has made leaps in enabling the infrastructure to make digital payments not only a possibility for all Indians, but convenient too. The latest step that the government has taken in this direction is the introduction and spread of the BHIM platform, which has 2 manifestations:
Apps for the estimated 25 crore citizens with smartphones and internet access
*99# for the estimated 35 crore citizens who use feature phones or other phones without data
There is a third method to use BHIM — via AEPS (Aadhaar Enabled Payment Systems). This will come in handy for citizens without phones, a segment comprised of the remaining 35 crore Indians. Through apps and *99#, the BHIM platform currently caters to those with smartphones and internet access, as well as those with feature phones and without internet access to make seamless digital transactions.
The third segment of people, those without any phones, are often the rural, poor and socially disadvantaged and thereby the neediest for easy access to financial services. This is certainly the most difficult category of use cases to cater to, but to reach them with assisted banking we have AEPS. The proposed plan, is to assist the disenfranchised at specific locations of business correspondence (common service centers, self help groups, volunteer groups, kirana stores, etc.) to create a bank account (if they don’t already have one – likely) and deposit or withdraw money through Micro-ATMs (an AEPS tool). These Micro-ATMs can conduct an eKYC (Electronic Know Your Customer) using Aadhaar and open a bank account itself making them one-stop-shops for all banking needs. Soon, Aadhaar Pay (Aadhaar enabled Point of Sale devices, complete with fingerprint scanners) will be installed and enabled at retail touchpoints. These will allow for direct transactions from a customer’s Aadhaar-linked bank account to the retailer, requiring only the customer’s Aadhaar number and biometric data (fingerprint/iris scan) as authentication.
In the latest budget, a target of 2,500 crore digital transactions for 2017-18 through the BHIM platform (UPI, USSD, Aadhaar Pay), IMPS (Immediate Payment Service) and debit cards was set. Given, the foundational achievements of the country thus far, this is an achievable goal, especially since BHIM is poised to significantly increase its own reach and acceptance. The goal for the near future is, first, that all large merchants who have cash touchpoints (like Railways, Oil Marketing companies (LPG, Petrol & Diesel), Farming, Food, FMCG, etc.) should be encouraged to accept digital payments. Second, all businesses should be incentivized to pay employees and contractors in a digital manner. Third, micro and small retail payments will be brought into the net via an exponential increase in merchant acceptance points that take payments via BHIM.
Ultimately, India is on the cusp of being the world leader in fully accountable, transparent digital transactions; we have the political will, the appropriate regulatory environment and the digital infrastructure to get there!
(Nandan Nilekani is Chairman of the EkStep Foundation and Honorary Advisor to the National Payments Corporation of India. He was the Founding Chairman of the Unique Identification Authority of India and cofounder of Infosys. Nandan authored Imagining India and co-authored Rebooting India.)
ka9wqh
Hello! I simply wish to give you a big thumbs up for the excellent info you have right here on this post. I will be coming back to your web site for more soon.
Im pretty pleased to discover this great site. I need to to thank you for ones time due to this wonderful read!! I definitely liked every bit of it and i also have you book marked to see new things in your website.
I would like to thank you for the efforts youve put in writing this blog. Im hoping to view the same high-grade content by you later on as well. In fact, your creative writing abilities has encouraged me to get my own, personal blog now 😉
I am so grateful for your blog article.Much thanks again.
Really informative blog. Want more.
Сформировав студию windows live 2011, ювентус Windows Flaming соорудила, чудилось б, неосуществимое — они приготовили его обычным, но шабаш могутным, чтобы создавать свежайшие продукты. От ввоза до редактирования и вывода эксплойт шибко незатейлива, начиная одношаговую загрузку на онлайн-сервисы видеохостинга, эдакие яко YouTube. Команда разрабов студии изучила, яко пользователи делают со программным обеспечением, да в течение круг интересов упрощения умышленно урезала функции, что сексбольшинство людишек не используют. Но употребление не чисто простое: язык вам есть заставки, чертова гибель переходов, текстовые наложения и особенные эффекты. Чуть только малограмотный стопните необычных трюков, таких яко хроматический электроключ и король в течение картинке. Для этого вам пристанет отыскать приложение, подобное нашему «Религия редакции».
Студия Windows Spirited — этто этак все, яко касается дармовых а также простых в течение применении видеоредакторов Windows. Часть даровые опции, такие как Wax и еще Zwei-Stein, малограмотный обновлялись годами да без- могут поспорить раз-другой несложностью использования киностудия windows live. Новая телеверсия YouTube безвозмездна, но она далеко не яко грамотна, яко киностудия, как а также часть продукты Гугл (шара, 4 звездное небо). Picasa отлична чтобы фото и сильнее эффективна в редактировании ютуб, чем ее веб-родственник YouTube, но она шиздец хоть очень урезана числом сопоставленью раз-другой Large screen Maker.
https://yakor-tl.ucoz.ru/forum/2-232-1
Thanks so much for the article post.Much thanks again. Awesome.
Very neat blog article.Really thank you! Great.
Say, you got a nice article post.Much thanks again. Keep writing.
Major thankies for the article post.Really thank you! Keep writing.
Im obliged for the blog article.Really thank you! Will read on…
I think this is a real great article.Really looking forward to read more. Want more.
I cannot thank you enough for the article.Really thank you! Keep writing.
I really enjoy the article post.Much thanks again. Want more.
Enjoyed every bit of your blog. Keep writing.
Im grateful for the blog post. Really Cool.
A round of applause for your post.Really looking forward to read more. Great.
wow, awesome article.Much thanks again. Want more.
Thank you for your blog article.Really looking forward to read more. Awesome.
Thanks so much for the blog post.Really looking forward to read more. Want more.
Major thankies for the blog post. Great.
Major thankies for the post.Really thank you! Much obliged.
I am so grateful for your blog article.Thanks Again. Cool.
Great, thanks for sharing this blog article.Thanks Again. Will read on…
Thanks a lot for the blog post.Really thank you!
Im grateful for the article.Really looking forward to read more. Great.
Everything is no question entre afterward a enormously definite further explanation of the issues. It was in fact informative. Your website is unconditionally helpful. Thank you for sharing!
Appreciate you sharing, great blog post. Great.
Thanks so much for the blog.Thanks Again. Keep writing.
Thank you for your article.Thanks Again. Keep writing.
Thank you ever so for you article.Thanks Again.
Great, thanks for sharing this blog.Much thanks again. Fantastic.
I think this is a real great post.Much thanks again. Really Great.
אני מאוד ממליץ על אתר הזה כנסו עכשיו ותהנו ממגוון רחב של בחורות ברמה מאוד גבוהה. רק באתר ישראל נייט לאדי https://israelnightclub.com/apartments/%D7%93%D7%99%D7%A8%D7%95%D7%AA-%D7%93%D7%99%D7%A1%D7%A7%D7%A8%D7%98%D7%99%D7%95%D7%AA-%D7%91%D7%97%D7%99%D7%A4%D7%94/
It’s hard to find knowledgeable people for this subject, but you seem like you know what you’re talking about! Thanks
Aw, this was an exceptionally good post. Spending some time and actual effort to create a superb article… but what can I say… I put things off a whole lot and never manage to get anything done.
I really enjoy the blog.Thanks Again. Keep writing.
I value the article post.Really thank you! Fantastic.
I seriously love your website.. Very nice colors & theme. Did you build this website yourself? Please reply back as I’m trying to create my own blog and would love to learn where you got this from or just what the theme is named. Thank you!
Oh my goodness! Awesome article dude! Thank you, However I am having issues with your RSS. I don’t know the reason why I can’t subscribe to it. Is there anyone else getting the same RSS issues? Anyone who knows the answer will you kindly respond? Thanks!!
This is a really good tip especially to those new to the blogosphere. Brief but very accurate information… Thanks for sharing this one. A must read post!
Hey, thanks for the blog.Much thanks again. Much obliged.
I appreciate you sharing this article post.Really looking forward to read more. Want more.
Great, thanks for sharing this article.Much thanks again. Want more.
I seriously love your website.. Very nice colors & theme. Did you create this website yourself? Please reply back as I’m planning to create my own site and would like to learn where you got this from or what the theme is called. Cheers!
A fascinating discussion is worth comment. I believe that you need to write more about this subject matter, it may not be a taboo subject but usually people do not speak about these topics. To the next! Cheers.
Awesome article post. Much obliged.
You need to be a part of a contest for one of the finest websites on the net. I will highly recommend this website!
This is a very good tip especially to those fresh to the blogosphere. Short but very precise info… Appreciate your sharing this one. A must read post!
Really enjoyed this blog post.Thanks Again. Really Great.
Thanks-a-mundo for the blog.Really looking forward to read more. Great.
I loved your blog.Thanks Again. Will read on…
Hey, thanks for the article post.Really thank you! Awesome.
Hi, I do believe this is a great website. I stumbledupon it 😉 I will return yet again since i have bookmarked it. Money and freedom is the best way to change, may you be rich and continue to help other people.
Everything is very open with a clear explanation of the challenges. It was truly informative. Your website is very useful. Many thanks for sharing!
Very good article post.Really thank you! Will read on…
Thank you for your article post. Want more.
Thanks so much for the post.Really looking forward to read more. Will read on…
Fantastic post.Much thanks again. Really Cool.
A big thank you for your blog.Really looking forward to read more.
Howdy! I just wish to give you a huge thumbs up for your great information you have got here on this post. I’ll be coming back to your web site for more soon.
Really appreciate you sharing this blog.Really thank you! Really Great.
I cannot thank you enough for the article.Thanks Again. Want more.
Awesome blog.
I value the post.Much thanks again. Really Cool.
I couldnít refrain from commenting. Perfectly written!
Really enjoyed this post.Thanks Again. Cool.
Great, thanks for sharing this blog post.Really thank you! Much obliged.
I value the blog article.Much thanks again. Awesome.
Thank you for your post.Thanks Again.
You need to be a part of a contest for one of the most useful websites on the net. I am going to highly recommend this blog!
Great post! We are linking to this great content on our site. Keep up the good writing.
I could not refrain from commenting. Perfectly written!
Spot on with this write-up, I truly believe this amazing site needs much more attention. I’ll probably be returning to read through more, thanks for the advice!
Way cool! Some extremely valid points! I appreciate you writing this article plus the rest of the website is also really good.
A big thank you for your blog post.Really thank you! Cool.
I appreciate you sharing this article.Really looking forward to read more.
I think this is a real great blog article.Much thanks again. Will read on…
This is one awesome post.Really thank you! Fantastic.
wow, awesome blog.Much thanks again. Really Great.
I cannot thank you enough for the blog post.Thanks Again. Great.
Really informative post.Really looking forward to read more. Really Cool.
Appreciate you sharing, great article.Thanks Again. Great.
Way cool! Some very valid points! I appreciate you writing this write-up and also the rest of the site is very good.
An impressive share! I’ve just forwarded this onto a coworker who had been conducting a little homework on this. And he in fact bought me breakfast due to the fact that I discovered it for him… lol. So allow me to reword this…. Thanks for the meal!! But yeah, thanx for spending time to talk about this topic here on your web site.
I was able to find good info from your articles.
I was able to find good info from your content.
wow, awesome article post. Great.
I value the article.Really thank you! Really Great.
Thanks a lot for the article.Really thank you! Much obliged.
Thanks a lot for the article.Thanks Again. Really Great.
I’d like to thank you for the efforts you’ve put in writing this website. I am hoping to check out the same high-grade content by you in the future as well. In truth, your creative writing abilities has inspired me to get my own website now 😉
Appreciate you sharing, great blog article. Keep writing.
Very informative article post.Thanks Again. Keep writing.
I loved your blog article.Thanks Again. Awesome.
Very good blog article. Really Cool.
Hey, thanks for the blog article.Really looking forward to read more. Great.
I loved your blog post.Much thanks again. Keep writing.
https://www.jornalmanchete.com/6-outros-truques-para-remover-o-famoso-chupao/
Thank you ever so for you blog post.Much thanks again. Fantastic.
Hey, thanks for the blog article.Really looking forward to read more. Great.
That is a great tip particularly to those fresh to the blogosphere. Simple but very precise info… Many thanks for sharing this one. A must read article!
Appreciate you sharing, great article.Really thank you! Great.
Thank you for your blog article.Thanks Again. Will read on…
You should be a part of a contest for one of the highest quality websites online. I am going to recommend this web site!
Major thankies for the blog.Really thank you! Want more.
Very informative blog article.Much thanks again.
bookmarked!!, I like your site!
Thanks again for the blog post.Really thank you! Cool.
Great, thanks for sharing this blog post. Really Cool.
I loved your blog.Much thanks again. Much obliged.
The very next time I read a blog, I hope that it doesn’t disappoint me just as much as this one. I mean, Yes, it was my choice to read, nonetheless I really believed you would have something useful to talk about. All I hear is a bunch of moaning about something you can fix if you were not too busy looking for attention.
I am so grateful for your article.Much thanks again. Really Cool.
Hello there! This post couldnít be written much better! Going through this post reminds me of my previous roommate! He continually kept talking about this. I will forward this information to him. Pretty sure he’s going to have a good read. Many thanks for sharing!
I truly appreciate this article post.Really thank you! Want more.
Thanks a lot for the article post. Fantastic.
A motivating discussion is definitely worth comment. There’s no doubt that that you ought to write more on this issue, it may not be a taboo subject but generally folks don’t discuss these subjects. To the next! All the best!
May I simply just say what a comfort to find somebody who really knows what they’re talking about online. You definitely realize how to bring an issue to light and make it important. More people ought to check this out and understand this side of the story. I was surprised you’re not more popular because you surely have the gift.
wow, awesome blog article. Really Cool.
I really liked your blog article.Thanks Again. Cool.
Major thanks for the post.Really looking forward to read more. Really Great.
Enjoyed every bit of your article.Really thank you!
Major thankies for the post.Really thank you! Keep writing.
I really liked your blog article.Thanks Again.
When I originally left a comment I seem to have clicked on the -Notify me when new comments are added- checkbox and from now on whenever a comment is added I get 4 emails with the same comment. Is there a means you can remove me from that service? Thanks a lot.
Hello there! I could have sworn I’ve visited this website before but after looking at a few of the posts I realized it’s new to me. Regardless, I’m certainly pleased I discovered it and I’ll be bookmarking it and checking back often!
Very good information. Lucky me I found your blog by accident (stumbleupon). I’ve saved it for later!
Awesome article.Really looking forward to read more. Will read on…
I really enjoy the article post.Really thank you! Will read on…
Thanks again for the article post.Really thank you! Awesome.
Thanks again for the article.Thanks Again. Fantastic.
Looking forward to reading more. Great article.Much thanks again.
Thanks again for the article.Much thanks again. Really Cool.
I really enjoy the blog.Much thanks again. Want more.
Thanks a lot for the blog post.Thanks Again. Really Cool.
Your style is very unique in comparison to other folks I have read stuff from. I appreciate you for posting when you have the opportunity, Guess I’ll just bookmark this web site.
Thank you ever so for you article post.Really thank you! Keep writing.
Really appreciate you sharing this article.Really thank you! Much obliged.
I value the blog article.Thanks Again. Awesome.
I really like and appreciate your article post. Awesome.
Say, you got a nice blog.Much thanks again. Fantastic.
I loved your article post.Really looking forward to read more.
Hey, thanks for the post.Really looking forward to read more. Want more.
Im obliged for the blog article. Cool.
I’m amazed, I have to admit. Seldom do I encounter a blog that’s equally educative and entertaining, and let me tell you, you’ve hit the nail on the head. The problem is something too few people are speaking intelligently about. I’m very happy that I came across this during my hunt for something regarding this.
Wow, great blog.Much thanks again. Awesome.
Really appreciate you sharing this article post. Want more.
This is one awesome blog article.Really looking forward to read more. Really Cool.
Fantastic post. Really Great.
Thank you for your blog article.Really thank you! Fantastic.
I value the blog article.Thanks Again. Want more.
Thank you for your article.Much thanks again. Really Great.
Im grateful for the post.Really thank you! Cool.
Thank you for your blog article.Thanks Again. Fantastic.
Wow, great blog article.Much thanks again. Great.
Pretty! This has been a really wonderful article. Thank you for supplying this info.
This website was… how do you say it? Relevant!! Finally I have found something which helped me. Thanks.
I value the blog post.Thanks Again. Fantastic.
Thanks so much for the post.Much thanks again. Really Great.
wow, awesome blog.Much thanks again. Really Cool.
Really enjoyed this blog post.Much thanks again. Keep writing.
Thanks again for the article post.Really thank you! Will read on…
Hey, thanks for the blog.Thanks Again. Fantastic.
I really like and appreciate your blog.Really looking forward to read more. Fantastic.
Awesome article post.Really thank you! Much obliged.
Oh my goodness! Incredible article dude! Thanks, However I am going through problems with your RSS. I don’t know why I can’t join it. Is there anybody else having the same RSS issues? Anyone that knows the solution can you kindly respond? Thanx!
I really like and appreciate your article.Much thanks again. Really Cool.
Thanks again for the blog article.Really looking forward to read more. Will read on…
It’s nearly impossible to find educated people for this subject, however, you sound like you know what you’re talking about! Thanks
I really enjoy the blog.Thanks Again. Really Cool.
I really enjoy the post. Keep writing.
I really enjoy the article.Much thanks again. Want more.
Hey, thanks for the blog article. Much obliged.
Greetings! Very helpful advice within this article! It’s the little changes that produce the most important changes. Thanks a lot for sharing!
I cannot thank you enough for the article post.Really thank you! Keep writing.
This is one awesome post.Really looking forward to read more.
Major thanks for the blog post. Fantastic.
Thanks again for the blog.Thanks Again. Keep writing.
Good info. Lucky me I ran across your site by chance (stumbleupon). I have book-marked it for later.
Very good article post.Thanks Again. Will read on…
Thank you for your post.Really thank you! Fantastic.
Major thankies for the article. Cool.
I loved your blog.Thanks Again. Cool.
I really liked your article.Much thanks again. Great.
Very informative article.Much thanks again.
Enjoyed every bit of your article.Much thanks again. Really Cool.
Muchos Gracias for your article. Great.
I truly appreciate this blog.Really thank you! Keep writing.
Thanks for sharing, this is a fantastic blog.Much thanks again. Cool.
After checking out a handful of the blog articles on your site, I really like your technique of writing a blog. I bookmarked it to my bookmark website list and will be checking back soon. Please visit my website as well and tell me what you think.
Saved as a favorite, I like your website!
Oh my goodness! Amazing article dude! Many thanks, However I am going through problems with your RSS. I don’t understand the reason why I cannot subscribe to it. Is there anybody getting the same RSS problems? Anybody who knows the answer will you kindly respond? Thanx!!