The cashback scheme for accepting payments through BHIM app was originally supposed to last till October 2017 to encourage merchants to use the app for transactions
The mobile wallet will allow BSNL subscribers to pay bills, as well as pay for their daily purchases across various merchant outlets
The facility enables customers to scan the QR code with BHIM or any UPI enabled app and pay the required amount
With Hike Messenger and WeChat already launching their e-wallets in India, WhatsApp's entry into the digital banking market will see a rise in competition among messaging apps backed e-wallets
Mastercard was instrumental in the development of Bharat QR code, which allows users to make instant payments across merchant outlets
The decision to roll out point-of-sale machines for direct transfer of fertiliser subsidies is seen as a move to encourage digital transactions in rural areas
The BHIM app developed by the National Payments Corporation of India has found favour among users, especially since its referral programme allows people to earn more money
A total of Rs 865.9 crore worth of digital transactions across all banking platforms were recorded in India in the financial year of 2016-17, according to Niti Aayog
The deal will bring further intensify the existing competitive atmosphere among digital wallets in India, the usage of which has seen a boost post demonetisation
The service charges on booking of railway tickets via cashless methods has been waived off till September 2017
To encourage more people from using BHIM, a referral system is in place which allows the referrer and referee to earn extra money
Number of fraudulent transactions have come down despite Rs 12,000 crore worth of digital transactions every year
The presentation detailed how digital payments in the country were transforming the Indian economy
The number of digital transactions has come down from 119.07 crore in March 2017 to 118.01 crore in April and further to 111.45 crore in May
Though digital transactions have jumped to 55 per cent in the past year, debit card usage has not been able to replicate the peak numbers of December 2016
NDTV along with MasterCard is launching a multi-platform campaign “Cashless Bano India”, to create digital awareness and educate the masses about digital payment solutions for day to day transactions.
The campaign aims to take the message of a cash free India to the country, and will charter a blue print which can help all stakeholders to become a part of the digital revolution.
It also focusses on the steps we need to take to ensure digitisation reaches the common man, and what are the problems which each one of us face on day to day basis?
We aim to reach out to people and educate them on:
1). Digital and financial literacy
2). New generation digital payment solutions
3). Enabling merchants and consumers to understand and adopt secured and safe payment Solutions
4). Ease of usage at point of sales