Digital Payments in India & revenge of Cash

Ever since the Nov 8 demonitisation, India and indian economy has been going through a shift. It is very difficult to quantify the impact of this on general public due to length and breadth of india.

One important side effect of demonitisation is govt focus on digital payments. Lately govt has been launching one scheme after another – e.g, UPI based payments, BharatQR code based payments, BHIM App etc. It is slowly but steadily making lot of progress.

Transactions worth Rs. 361 crores have so far been made using the newly-launched BHIM application for mobile phones, Lok Sabha was informed on Wednesday (Feb 2017)

Another initiative has been to link lot of these payments with Aadhaar card

The government has enabled the Bharat Interface for Mobile (BHIM) app with Aadhaar and plans to launch the biometric-based Aadhaar Pay payment module in the coming weeks, seeking to accelerate the drive toward digital-money transactions in the country.

 

 

 

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