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
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
India saw an increase of 55 per cent in digital payments in 2016-17, compared to the previous year
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
Following Hike Messenger, many other messaging apps are expected to launch their digital payments services later this year
To incentivise payments made through digital modes for booking of reserved tickets, online through IRCTC, have extended the waiver on service charges
From buying tickets, food items at catering stalls to paying at luggage and parcel counters, the stations going cashless have facility for making these payments through credit cards or mobile wallets
Digital Sakhi will train around 100 women from 32 villages to familarise themselves with the core concepts of digital finance
Micro ATM, in the most basic terms, is a card reader and PIN Pad device to do banking transactions in remotest locations where there are no bank branches because of connectivity issues, and other unfavourable conditions
The entire shopping complex in the region has Wi-Fi facility and businessmen have Point of sale (POS) machines and each shopkeeper has e-payment facility. The villagers use BHIM app and Paytm to pay for their shopping
More than 2 lakh ration shops across the country have been provided with PoS machines to facilitate cashless transactions
The Government eMarketplace is the one stop e-portal for goods and services to be supplied to all ministries
Merchants and traders will have to adopt digital methods to pay GST amounting to more than Rs 10,000
With an existing user base of 100 million registered users, Hike's UPI enabled e-wallet is sure to catch up fast
Delhi Metro commuters will now be able to wear their smart cards on wrists to make payments at the gates
Amazon India becomes the latest entrant in the digital payments business, as it has received the license from RBI to launch its own e-wallet
T Wallet, which is the official digital payment wallet launched by the state government of Telangana, facilitates transactions across several platforms.
A partnership between the state government and global payments giant will see the implementation of multiple initiatives in Visakhapatnam to make it India's first cashless city
While India moves towards a digital economy, it can look at some European and African nations which have successfully moved towards a functioning cashless economy.
Going cashless is now the target of the universities and colleges - while some have already switched to the online payment mode for collecting fees, some are now looking at different ways to make other transactions - such as parking fee, journal fee and canteen payments - digital
An increase of 22 per cent in cashless payments in 2016 paves the way for India to further adopt cashless methods and move steadily towards a digital economy
The insurance sector saw an increase of 22% of Rs 1,75,021.89 crore in digital payments in financial year 2016-17, though most of it was from urban areas.
By installing PoS systems in shops and educating the villagers on mobile and internet banking, the district administration has transformed Naya Gav in Rajasthan into a functioning cashless village.
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