Digital Payment
To continue the boom in digital payments in the Corona era, the government may announce several incentives in the upcoming budget. The government will be particularly focused on increasing digital payment in small towns. All kinds of digital payments recorded an increase in the Corona period due to the ease of being in contact with someone else. In the current financial year 2020-21, digital payments are expected to exceed the target. A target of 4630 crores digital transactions was set for the current financial year. According to Digidhan data from the Ministry of Electronics and IT, 3950 crore digital transactions have been done till 23 January.
According to the data, there were 99.95 crore transactions from Bheem UPI in April 2020, which was reached a level of 223.41 crores in December 2020. According to a source in the Finance Ministry, the government should not increase the fee charged to the merchant on digital payments in the budget.
Can give some relief. Merchants have to pay a fee for the purchase of an item by paying through the card. However, through Unified Payment Interface (UPI) Businessmen do not have to pay any fee on payment.
Increasing incentives
It is believed that the credit card can be linked with the UPI payment system in the budget, so that payment can also be made through the UPI mode through the credit card. Incentive plan on payment of all government bills: According to the source, small cities can have an incentive system for digital payment of all types of government bills.
This will enable digital payments to become a habit of people in small cities. It has also been initiated. The government has given a target to the oil marketing companies to pay all the LPG sales by fully digital medium by March this year but in the next financial year, we will try to achieve this goal by giving incentives.
Transaction without problem
According to the latest survey by customer and business research company InMobi, 62% of consumers shopped via mobile phone during August-September 2020. 63% said that they are looking for a new product for mobile.
After demonetization, the country is moving towards a cashless system. The initial trouble has however caused many concerns in this path. People have started wondering whether the online transaction will facilitate them or add to their problems, Will it bring some benefits or pay an extra charge? In order to increase People's participation in creating a cashless economy, the government has announced several benefits on digital transactions. This question arises whether they are enough with these facilities and whether the incidence of identity theft will increase after coming into the currency note system?
Estimates: Transactions through online mediums have increased rapidly in the Corona era. Expected to easily surpass the goal of digital transactions.
benefits
Ease of financial transactions is the best thing for a digital payment system. You do not need to carry cash, plastic card. A bank or ATM line, especially when you are traveling, it is a safe and easy option to spend. Karthik jhaveri, director of Transcend Consulting, said that if you leave people with low income, then it has many benefits for everyone else.
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