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By APD writer Rishika Chauhan
NEW DELHI, November 11 (APD) -- The government has decided to encourage digital payments by popularizing mobile phone applications (apps).
In a note, the ministry of electronics and information technology said that apps like BHIM and the Bharat Bill Payment System (BBPS) would make digital payments easier.
The incentives the government plans on giving include cash backs and reward points for BHIM users. The government is also emphasizing that strict cyber security protocol will be followed, along with its attempt to sustain its app BHIM, in the time of intense competition among private mobile wallet operators.
According to the Reserve Bank of India, “Digital payments will be made visibly cheaper than cash.”
A government official added, “There is a cash referral and merchant cash back scheme that UPI BHIM has adopted, we need to expand it, to make it more lucrative to use BHIM.”
To encourage more people and merchants to make cashless payments, Prime Minister Narendra Modi recently launched a lottery for e-transactions.
A founder of a mobile payments application stressed, “The key to increasing e-transactions is investment in infrastructure by digital transaction organisations, so that cash supply levels do not impact it. Money should also be spent on communicating the benefits of digital transactions to people.”
(ASIA PACIFIC DAILY)
