Digital Payment Systems Launched by Modi

Digital Payments Systems

Even after a month of demonstrations, the central government found another way to deal with long queues at ATMs and banks apart from banknotes. In this series, the government has announced a package to promote digital payments so that people can use them and the practice of using them effectively can be minimized. The government has made 11 such, which the general public can not only facilitate their life but can also save.

The government’s announcement encourages digital payment Systems:

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

Out of this, 20 percent of people use digital means of payment, which has increased to 40 percent after the yield. According to estimates, if Wallet E and other digital media are merged, a total of Rs 360 million is used digitally in gasoline purchases. It is expected that this figure may increase by 30 percent after this relaxation.

People in cities know digital payments, but villages are not yet immune to this technology. The central government has also tried to connect rural areas with it. The government will get the help of NABARD to facilitate digital payments for this work, which will provide financial assistance to encourage banks.

It is the endeavor of the government that 2 postal machines should be available in 1 lakh villages having a population of less than 10,000. Government schemes set up rural entrepreneurs involved in agriculture and form most companies in rural areas so that more and more rural people can reach them. According to estimates, this exception will benefit a population of 75 million rupees who live in villages that cannot be linked to digital transactions.

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RuPay Kisan & Credit Card.

In addition, the government will provide a RuPay Kisan Card to encourage digital payments among the villagers. Read on to learn about 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 rupee debit cards for transactions to farmers using Kisan Credit Cards. The number of farmers with farmers’ credit cards is currently 4 million to 32 lakhs.

The government has also encouraged other important cash flow segments for digital payments. 2 billion rupees per Indian train transaction per year in the purchase and sale of tickets, the main part of which is cash flow. The government has announced a 0.5 percent discount on ticket purchases through digital payments to cut down on cash. The Train will provide the benefit of this discount to passengers who use digital mode while paying for monthly and seasonal tickets in the suburban rail network. However, consumers will have to wait for this discount before January 1, 2017.

After that, this discount will be available only on purchased tickets. Currently, 80 commuters in the suburbs use this installation through cash payment. It is expected that after this offer, more and more passengers will buy this ticket using digital media to save their money, and the cash transaction in this area is expected to come down to Rs 1000 million.

IRCTC Accident Insurance.

Indian Train introduced an IRCTC accident insurance with online ticket reserve during the journey. Some numbers are charged by adding passengers to the ticket. The government has decided that passengers get accident insurance up to Rs 10 lakh at any cost for online ticketing. Every day 14 train passengers buy Indian train tickets, where 58 percent of the tickets are bought online or digitally. After this advertisement, the online tickets are expected to increase by 20 percent. If this happens, 11 passengers traveling by Indian Train will benefit from this installation, and if any accident happens, they will be given the correct amount.

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 provided on digital payment.

Insurance Companies.

The government has announced a discount or credit of up to 10 percent in paying insurance companies’ premiums in the online public sector or through digital life insurance schemes. At the same time, Life Insurance Corporation of India has announced a discount on premiums or 8 percent credit on online payments made to get a new life insurance policy.

In other advertisements, the central government has increased or exceeded transaction rates during digital payments. This number is collected from consumers, service departments, public institutions, or other service providers who will support it at their level. The central government has also advised the state government to implement such agreements in their respective states.

Until now, merchants and entrepreneurs have had to pay a huge rate for postal terminals, mobile stalls, or micro ATMs, as they avoid taking this service and force customers to pay cash. , the central government covers this problem and advises banks to charge maximum monthly rates of Rs 100 for this setup.

Small entrepreneurs and businessmen whose limited income will benefit more from this government’s decision. If we inspect the data, it is known that as per commercial bank data, they have provided 6.5 LKH sales machines to the merchants till now. The decision will lead to an increase in digital transactions, and consumers will also benefit from store owners, small traders, and businessmen.

The government has taken other important measures and issued digital transactions up to Rs.2000 at the service rate. Also, this price will not be charged by traders or MDRs.10% discount will be provided using digital media like RFID or FASTAG cards for payment of toll locations on National Highways.


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