Ashwini Vaishnaw, Minister for Electronics & Information Technology, Railways and Communications placed a challenge before the bankers to create a platform as powerful and seamless as the UPI for providing quick and easy credit to the MSMEs, small industries, small businessmen and people at the bottom of the pyramid. He was speaking today at Digital Payment Utsav in New Delhi.
“You (bankers) have today a very good ecosystem of Aadhar, Digilocker and UPI to take up the challenge. Work on the challenge for the next three months, come back and I will work the whole day with you to look at the concepts you have brought,” he said.
Simmi Chaudhary, Economic Adviser, MeitY said, “The total transaction volume has increased from ₹2,071 crore in financial year 2018 to ₹5,551 crore in financial year 2021. Digital payments have been keeping the economy running and helping people reduce the contact with the virus.”
Initiatives such as Payments on the go, inclusive credit for MSME were launched at this event.
Wearables are re-defining the paperless and contactless payments, catalysing them further, Bank of Baroda and City Union Bank today launched Rupay-on-the-Go.
Credit cards represent the next big in fintech and contactless is truly the way forward. To drive it to the next level, India Post Payments Bank-Punjab National Bank, Kotak Bank, YES Bank, Indian Overseas Bank, ICICI Bank, Indian Bank, Bank of Maharashtra, and City Union Bank launched Contactless Credit cards on the RuPay network.
India has close to 1.5 crore retail stores/ Kiryana stores. Union Bank has today announced an Android-based SOFTPOS mobile app for point of sales, which will further the cause of digital payment adoption.
