The “Digital Payments Utsav”, a comprehensive campaign aiming at promoting digital payments across India, has been launched by Union Minister Ashwini Vaishnaw, Ministry for Electronics and Information Technology (MeitY).
- He also launched the Digital Payment Sandesh Yatra, which aims to educate the public about various digital payment solutions and the security and safety of digital transactions.
‘Digital Payments Utsav’
i.This campaign, which is a part of the G20 Digital Economy Working Group (DEWG) event, aims to highlight India’s path towards digital transformation. It will take place from February 9, 2023 to October 9, 2023.
iiThe campaign will focus on boosting digital payments across India, particularly in the cities of Lucknow (Uttar Pradesh), Pune (Maharashtra), Hyderabad(Telangana), and Bengaluru(Karnataka).
Various initiatives with respect to digital payment in India
i.The National Payments Corporation of India (NPCI) is mandated to take the lead in the development of the digital credit system, which will be fully implemented in 2023.
- It will facilitate small business owners to obtain loans from banks.
ii.UPI 123 Pay is now accessible in more than 20 regional languages through a collaboration between UPI and the National Language Translation Mission (Mission Bhashini).
- This will empower a common person to make payments in her native language via a voice interface.
- In 2022, the Reserve Bank of India (RBI) released UPI 123Pay, a voice-based payment feature developed by the NPCI to improve the digital penetration of financial services.
iii.NPCI has already taken initiatives to broaden the reach of the Unified Payment Interface (UPI) in India and beyond by collaborating with nations such as Nepal, Singapore, Bhutan, the United Kingdom (UK), and the United Arab Emirates (UAE).
iv.UPI services will soon be available to Non-resident Indians (NRIs) living in 10 countries: Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, Singapore, the UAE, the UK, and the United States (US).
Other significant initiatives launched
During the occasion, a number of significant initiatives were introduced, including
i.A G20 Co-branded QR code
ii.A G20 edition of the preloaded RuPay On-The-Go device
iii.A joint campaign by MeitY and Delhi Police to promote secure digital payments
iv.A Coffee Table Book titled “Towards a Developed India Catalysing Inclusive Growth Through Digital Payments.”
v.Furthermore, 28 DigiDhan Awards for outstanding achievement in the field of digital payments were presented to top-performing banks, bankers, and fintech firms in several categories.
- The awards honour the efforts of these organizations to promote digital payments and contribute to the expansion of the digital economy.
Recent Related News:
i.HDFC Life Insurance Company Limited (HDFC Life) has partnered with the NPCI to allow policyholders to pay their premiums via “UPI 123PAY”, a unique voice-based UPI service.
ii.The “first of its kind” UPI 123Pay aims to significantly streamline the premium payment procedure for HDFC Life policyholders.
About Ministry for Electronics and Information Technology (MeitY):
Union Minister – Ashwini Vaishnaw (Rajya -Sabha Odisha)
Minister of State (MoS) – Rajeev Chandrasekhar (Rajya Sabha – Karnataka)