Responsibility to power digital payments in India now becomes IT ministry’s responsibility as NITI Aayog eases itself out

By: | Published: February 28, 2017 6:02 AM

The responsibility for promoting digital transactions including digital payments has now been allocated to the ministry of IT and Electronics (MeitY).

digital transactions, digital payments, ministry of IT and Electronics, MeitY, NITI Aayog, demonetisation, BHIM, RuPay, USSD, Aadhaar PayThe responsibility for promoting digital transactions including digital payments has now been allocated to the ministry of IT and Electronics (MeitY). (Source: Reuters)

The responsibility for promoting digital transactions including digital payments has now been allocated to the ministry of IT and Electronics (MeitY). Till now, NITI Aayog was spearheading this programme with a package of R350 crore granted to it immediately after demonetisation took place.

After demonetisation, the government has pushed for digital payments, launching the indigenous digital payments app BHIM in December last for fast and secure cashless transactions. The app has already recorded more than 17 million downloads.

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Besides, digital payment channels like mobile wallets, USSD and RuPay have also seen massive uptake and rise in transactions post demonetisation.

Buoyed by the response on using online payment mediums, the government 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.

– Rishi Ranjan Kala

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