Aadhar Pay Will Revolutionize The Digital Payment In India
The session which was moderated by Hoshie Ghaswalla , CEO (BW Engage), saw Padma Jaiswal, Secretary (co operation), Government of Goa, Soumitra Mandal, Director , Direct benefit Transfer, Cabinet Secretariat, Governmet Of India, Hansraj Yadav , Additional Director, UID Department of IT Government Of Rajasthan, Hemant G Contractor, Chairman , Pension Fund Regulatory and Development Authority , Vimal Kumar Dhar, Vice President Strategic Alliance, Money On Mobile.
Discussing about the positive effects of digitization of payments he said that it has benefited the Pension Fund Regulatory Authority. “The time and cost of digital pensions have come down and the intensive use of technology has proved to be very useful,” said Merchant.
“Our target is to give pension covers to every citizen of the country, and when we talk of targets of such big scales it is only possible through digital mediums,” he added.
Discussing the rise of digital payments in India Jaiswal said that it is post demonetization that the economy got a boost to go cashless and digital and the government is taking every measure possible to make the digital boom prosper.
On being asked what percentage of our population is using digital as a medium of payment, Dhar said that 95 percent of digital transactions are still happening on cash, close to 76 per cent of transactions are happening in cash in value terms. But close to 30 per cent of our population is banking included and using credit and debit cards.
“I would like to agree on what my colleague has just said only 5 or less than that are being used as digital payment systems,” added Mandal.
“There are something’s that need to change for digital medium , there is always a service charge on it, either to promote digital payment common man should be incentivized or they have to remove the charge," Yadav Concluded.
