Government moots multi point formula to boost digital payments

Government moots multi point formula to boost digital payments

Ajay Prakash Sawhney, secretary, Ministry of Electronics and Information Technology said that government has asked departments to enable electronic payments options such as displaying BHIM-UPI QR code at their cash counters. He said government utility bills including power, water or phone should print the QR codes on the bill or the bill’s envelope to enable digital payments. BHIM (Bharat Interface for Money) is a mobile application developed by the National Payments Corporation of India (NPCI) to enable digital payments through UPI. He said India has only 3.1 million POS (point-of-sale) terminals compared to 60 million merchants. He also emphasised on increasing the share of digital payment of toll at national highways through FASTag against the current 20%. He said that volume of digital transactions have grown from 10,000 million in 2016-17 to 20,540 million in 2017-18.

Read More at The Economic Times News date : 1 May 2018, Tuesday

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