The government pushing for digital transactions

প্ৰকাশিত হৈছে: Jun 28, 2023
50 মতামত

Digitalization has become a part of everyday life. Digitization of payments helps a person to transfer money from his bank account to the payees for his day to day transactions. India is stepping in to the leadership role by moving forward to the aim of ―Cash less Society. The growth of mobile penetration supported by the government initiatives constitute the most important drivers to enable people to move towards digital payment systems. The prospects for FinTech in India’s financial system in 2021-22 will depend upon the degree of entrenchment of digital usage, which is, in turn, contingent upon the resilience of the underlying acceptance infrastructure, financial literacy and awareness of the users (both merchants and consumers) and strengthening of the customer protection and cyber security protocols in place. Today consumers can buy, sell, and trade cryptocurrency as a commodity or investment. Consumers are also increasingly showing interest in being able to spend crypto assets for everyday purchases.



The Reserve Bank of India (RBI) has constructed a composite Digital Payments Index (DPI) to capture the extent of digitisation of payments across the country. This is a significant development given the sharp pick-up in digital transactions seen in the recent past. Further, RBI says in its annual report that, at a regulatory-level, for encouraging innovation in digital payments, RBI started many new initiatives in the digital payments space, which includes setting up the RBI Innovation Hub and a Regulatory Sandbox. The Reserve Bank continued its efforts towards global outreach of its payment systems, including remittance services.


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  • পৰৱৰ্তী

    Reliance Jio, SBI ink pact to boost digital transactions | Economic Times

    Reliance Jio and State Bank of India (SBI), which are partners in a payment bank venture, Thursday extended the same to the digital payments space that will help ramp up the nation's largest lender's digital customer base multi-fold. Under the partnership, SBI Yono, an omni channel platform offering digital banking, commerce and financial superstore services, will be enabled through the MyJio platform to customers, while MyJio, the over-the-top (OTT) mobile application, will bring in financial services capabilities of SBI and Jio Payments Bank. (Text: PTI)


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  • Opposition blocked Aadhaar and digital transactions: PM Modi

    Those opposing EVMs are not only opposed to EVMs. They have problems with technology, digital transactions, Aadhaar, GST, Bhim App. Why such negativity? This negativity was one of the chief reasons why some parties have not been able to win people’s trust: PM

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  • Bank Charge | Digital Transactions | Card Swipe |

    If you have a basic savings bank deposit account, then you know that after four free transactions, the bank is charging you 17.80 rupees on every transaction. This is the condition of all banks, including digital transactions.



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  • Cyber threats are mounting with untraceable digital transactions led by cryptocurrency

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    With cryptocurrencies spreading across the business world, cybercrime has become a real threat. While cryptocurrency might be the dawn of a new age, cybercrime is also on the surge. It comes in many forms, from ransomware to email scams. It is estimated that 33% of bitcoin trading platforms have been hacked. The best way to protect businesses from these cyber-attacks is by implementing proper crypto cybersecurity protocols and adopting zero-trust security models to make these transactions more secure. This makes them affordable and free of fees. However, every professional and business should be worried about cybersecurity. However, where there is a chance to make money, there

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    There was a time when some politicians used to say that digital transactions were not meant for the people of India. They believed that modern technology couldn't work in this country. However, the world is witnessing the capabilities of Indian people.

    Due to India's UPI and modern digital public infrastructure, ease of living of people has improved, and it has become easier for them to send money across countries.

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    Today's Headline in NewsHours
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    3:07 Online gaming firms sent tax notices worth INR 1 lakh cr
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    4:05 #Microsoft pulling the plug on its metaverse project
    4:33 #HMD Global to manufacture own brand of smartphones in India in 2024
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