Digital Payment Systems Launched by Modi

Even after a month of demonstrations, the central government has found another way to deal with automatic stamping and long queues outside banks besides banknotes. In this series, the government has announced a package to promote digital payments so that people can use them and the practice of cash usage can be minimized. The government has made 11 such announcements that the general public can not only facilitate their lives but can also save them.

Announcement of the government encourages digital payments:

Everyone buys essence and diesel. Private vehicles have become common for metro transport in small villages. The government has announced that if you pay for the petrol you buy at the service station through digital technology, the oil company will give you a discount of 0.75%. According to the data published by the central government, in a service station in our country, every day 4.5 crore people get petrol or diesel by spending Rs 18,000 crore in hospitals.

In this, 20% of people use digital payment media, which increased to 40% after the exposure. As per estimates, if the electronic portfolio and other digital media are merged, a total of Rs 360 crore will be used digitally in petrol purchases. It is expected that this figure may increase by 30% after this relaxation.

Residents of cities know about digital payments, but villages are still not immune to this technology. The central government has also tried to connect rural areas with it. The government will take the help of NABARD to facilitate digital payments for this job, which will provide financial assistance to encourage banks. The government endeavors to provide 2 postal machines in 1 Gram Lakhs with less than 10,000 residents. The government provides that postal machines will be given to rural entrepreneurs involved in agriculture. Most companies in rural areas do so so that more and more villagers can reach them. As per estimates, this exception will benefit 75 crore population living in the village, which cannot be linked to digital transactions.

In addition, the government will provide a RuPay Kisan Card to encourage digital payments among the villagers. Read on to know the usage of the Rupay card. Apart from nationalized banks, these cards will also be issued through rural banks and cooperative banks. The government will also provide one rupee debit card for transactions to farmers using Kisan Credit Cards. The number of farmers with farmers’ credit cards is currently 32 lakhs.

The government has also encouraged other major cash flow segments of the country to switch to digital payments. Indian train transactions for 2,000 breaks of Rs 2,000 per year while buying and selling tickets, the main part of which is cash flow. To reduce room in cash, the government has announced a discount of 0.5% on ticket purchases by digital payment. The train will provide the benefit of this discount to passengers who use digital mode while paying for monthly and seasonal tickets on the suburban rail network. However, consumers will have to wait for this discount till January 1, 2017.

After that, this discount will be available only on the ticket purchased. Currently, 80 commuters in the suburbs use this installation by cash payment. It is expected that more travelers will buy this post using digital media to save their money after this offer, and cash transactions should be reduced in this area. ,

Indian Train introduced IRCTC accidental insurance along with online ticket reservations during the journey. Some figures are billed by adding passengers to the ticket. The government has now decided that accident insurance for Rs 10 lakh is given free of cost to passengers who order tickets online. Each day, 14 train passengers buy tickets for Indian trains, where 58% of tickets are purchased online or digitally. Following this announcement, online tickets are expected to increase by 20%. If this happens, 11 passengers traveling by Indian train will benefit from this establishment, and they will get the correct amount if any accident happens.

The central government has used Indian trains to encourage digital payments and other services, such as catering, accommodation, rest houses, etc., on other services provided on trains. To make digital payments. 5% discount will be given on digital payment.
The government has announced a rebate or credit of up to 10% on the payment of premiums for insurance companies from the online public sector or through digital life insurance schemes. At the same time, Life Insurance Corporation of India announced a discount on premium or 8% credit on online payments made to get a new life insurance policy.

In other announcements, the central government has crossed out additional costs or transactions during digital payments. The issue has been collected from consumers, service providers, public institutions, or other providers who will bring it up independently. The Central Government has advised the State Governments to implement such arrangements in their respective States.

Until now, merchants and entrepreneurs have to pay high costs for postal publications, mobile publications, or automated ticket micro-distributors as they avoid taking up this service and have forced customers to pay cash. , the central government covers this problem and advises banks to challan a maximum of 100 monthly rates for this setup.

Small entrepreneurs and entrepreneurs whose income is limited will benefit the most from this government’s decision. If we check the data, we know that they have provided 6.5 lakh sales machines to the merchants as per the commercial bank data. The decision will lead to an increase in digital transactions and bring benefits to consumers, store owners, small traders, and entrepreneurs.

The government has taken other major measures and issued digital transactions up to Rs.2000 from the service cost. Also, this value will not be deducted from traders or MDRs.

10% discount will be given on digital media like RFID or FASTAG cards for payment at toll locations on National Motorways.

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