India is on track to become the seventh largest e-commerce market in the world by 2021, worth US$ 104 billion
The Reserve Bank of India's revised directions to allow inter-operability among prepaid payment instruments, thus allowing the growth of digital payments across the country
Tez from Google is powered by Unified Payments Interface (UPI) and allows users to make small or big payments directly from their bank accounts
Designed for the Indian market and built on the government-supported Unified Payments Interface (UPI), Tez allows users, free of charge, to make small or big payments straight from their bank accounts
The mobile wallet will allow BSNL subscribers to pay bills, as well as pay for their daily purchases across various merchant outlets
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 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
The presentation detailed how digital payments in the country were transforming the Indian economy
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
A total of 81 cashless townships have been developed by Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) across 12 states in India
Digital transactions increased by 55 per cent in 2016-17, India import Point of Sale (PoS) machines as the local production has not caught up with the increased demand
India saw an increase of 55 per cent in digital payments in 2016-17, compared to the previous year
A web-based system of communication between private hospitals and railway authorities has been developed wherein identity of the beneficiary shall be established using biometrics stored in Aadhaar (UIDAI) server
Out of 10 crore small traders in India, only 1.5 per cent opt for digital payments, thereby excluding a large segment of them from cashless transactions
National Payments Corporation of India said that Google has completed the testing of its Unified Payments Interface payment service and is now awaiting RBIs approval to launch its service in India
Following Hike Messenger, many other messaging apps are expected to launch their digital payments services later this year
175 newly appointed IAS officers to get more hands on exposure to government's key initiatives to give a boost to cashless economy
Fees on digital transactions is hampering with the adoption of digital modes of transaction in India. To address this problem, government will soon roll out a policy to deal with the fees charged on different modes of digital transaction
Digital Sakhi will train around 100 women from 32 villages to familarise themselves with the core concepts of digital finance
Demonetisation proved beyond a doubt that Indians not only like to buy in cash but save in cash as well
Cashless Bano Contest is now closed. Here are the stories of the winners, who shared their experience of going cashless.
Winner: Sumeet Kohli from Navi Mumbai, Maharashtra
Story: It just happened last week whilst I was travelling from Mumbai to Delhi via an early morning flight and in hurry I totally forgot to load my wallet with currency notes. I booked an uber to airport, paid through my debit card linked to the wallet. Also, I managed to grab a quick bite at the lounge with my credit card. And then I stopped by at a book shop in Delhi to buy a book and paid by my online wallet through QR code. It was at the hotel, where, I felt like to tip the porter boy for carrying my luggage, I realized that I'm not carrying any cash. Even here, I tipped him via e-wallet. Truly, it was an amazing feeling to know that I managed all my expenses through cashless means. And the following day, I deliberately didn't carry cash!
Winner: Bobby Miryalkar from Hyderabad, Telangana
As we are aware that marriage needs a lot of coordination and being in the after era of demonetization, managing the affairs became challenging. Though, my sister’s marriage was scheduled in April 2017, the limited cash reserves in my hometown and in banks around had the chance to educate people to use more of cashless transactions. Firstly, the Pandit Ji accepted his dakshina digitally, followed by caterers, decorators and the wedding hall owners. All had to budge and get the benefits of hassle free digital banking route. It was quite a Herculean task for me as I was the only one to coordinate with each and every one responsible for catering to all the work related to marriage. I preferably don’t carry cash or hardly little cash for managing daily chores.
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.
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