Buoyed by the public’s response on using online payment mediums, the government on Friday said that it will set up a mission with the target of achieving 25 billion digital transactions by March 2018 using UPI, USSD and AAdhaar Pay, among others.
Addressing a press conference, minister for electronics and IT Ravi Shankar Prasad said: “A mission will be set up with a target of 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhaar Pay, IMPS and debit cards.” Besides, the banks have targeted to introduce additional 10 lakh new PoS terminals by March 2017 and will be encouraged to introduce 20 lakh Aadhaar-based PoS by September 2017, he added.
“As India is now on the cusp of a massive digital revolution, promotion of a digital economy is an integral part of the government’s strategy to clean the system and weed out corruption and black money. It has a transformative impact in terms of greater formalisation of the economy and mainstreaming of financial savings into the banking system. This, in turn, is expected to energise private investment in the country through lower cost of credit,” Prasad said.