Some Initiatives Towards Cashless Economy

The Digital India (DI) initiative aims to bring digital empowerment to India and aid in its transition of becoming a knowledge economy.  Aadhaar-based mobile app “Bharat Interface for Money (BHIM)” has been launched by Union Government to make digital payments easier.  IDFC Bank in association with Unique Identification Authority of India (UIDAI) and the National Payments Corporation of India (NPCI) has developed Aadhaar-linked cashless merchant solution “Aadhaar Pay” to enable digital payments. Jan Dhan, Aadhaar, Mobile (JAM) trinity works to deliver essential services to citizens. BharatNet aims to expand broadband reach across the country and provide an affordable broadband connectivity of 2 Mbps to 20 Mbps to realise the vision of Digital India.   ‘Digi Gaon’ initiative will be launched to provide telemedicine, education and skills through digital technology. The government has also proposed to create a Payments Regulatory Board.

Above initiatives not only widen digital access but will also increase the overall consumer confidence and awareness. This will help in easier and smooth transition to cashless economy. These initiatives will go a long way in ensuring the availability of financial services like credit, insurance, investments for underserved segments of society.