India's Approach Towards Digital Transactions
India surpasses America and China
UPI transactions have just doubled since March 2020. Innovation will change further in the coming 5 years. India has additionally left behind China and America as far as digital transactions are considered.
Efforts made by the government regarding the Cashless economy
The Govt. officials said that the government has found multiple ways to work with digital banking, the primary concerns of which are as follows-
1. Public Sector Banks (PSBs) have made a few strides under the EASE Reforms Agenda-
I). The number of services offered has been expanded to 43, customer-accommodating elements to 135, and the number of local dialects available on the customer interface to 8. With the assistance of mobile banking and web banking, individuals ought to have simple admittance to public sector banks.
(2) The Jeevan Pramaan drive of the government for pensioners has given the facility to retired people to update their life certification online.
(3) To give on a basic level internet-based approval for loans to Micro, Small, and Medium Enterprises, utilizing credit agencies, Income Tax, and Goods and Services Tax (GST) information.
Expansion in digital transactions
The pattern of digital payment is ceaselessly expanding in India. At the point when demonetization occurred in the country in 2016, an enormous number of individuals picked digital payment. From the year 2020, it has expanded further because of the Covid-19 pandemic. It is assessed that till 2025, the propensity for digital payments in India will increase by 71.7 percent. Simultaneously, payment with cash and cheque will stay just 28.3 %.
Speed increase in digital payments during the Covid
On 4 November 2016, Rs 17,74,187 crore notes were available for use in India, which expanded to 27,80,045 crore on 29 January 2021. Despite the fact that they appear to be enlarged to us, yet there has been a colossal decline in the speed of their development. The justification for this is the persistent efforts of digital payment by the government. Thus, the absolute volume of digital payments has expanded from 1459.02 crores in the financial year 2017-18 to 4371.18 crores in the financial year 2020-21. As needs are, digital payments have expanded in excess of multiple times. It is very astonishing to develop at such a high speed.
Along with the government's efforts to promote digital transactions, there are so many payment portals and PSP apps that have played their role well in the rise of digital transactions. Zambo is one of the best payment network portals in India that provides facilities like prepaid recharge, DTH recharge, Data card recharge, Money transfer, and many more.
