Aadhaar enabled payment system has made digital payments possible for even those who do not have mobile phones.
President Pranab Mukherjee praised the Modi government for taking bold steps and promoting the culture of digital payments yesterday at a ceremony when he picked the lucky winner for the digital promotion scheme at Rashtrapati Bhavan.
He stressed that country is on the cusp of a digital revolution with more than a billion Indians having a unique identity number with a biometric identifier which is unique in its own way. He highlighted the importance of the Aadhaar card initiative, saying it is a watershed event in development story of India.
Mukherjee stated that India has a long way to go before it becomes a cashless society as predominantly the country remains primarily a cash-based economy with about 95 percent of the personal consumption and 86 percent of all transactions being in cash.
India is still some distance away from being predominant cash-less society. The President also appreciated the initiatives of the government calling them a good start, which needs active participation from all segments of the society to become a success.
The President stated that even the most technologically advanced countries with far less population also do not have such a system in place.
Bringing on board those people who may not have mobile phones for digital payments was made possible with the Aadhaar enabled payment system.
Aadhaar enabled payment system has made digital payments possible for even those who do not have mobile phones. The government has allowed the development of new means of digital payments with a goal to make their use easy and seamless. Launch of BHIM has demystified the digital payments and brought it within the grasp of every citizen, he said.
The government launched the Lucky Grahak Yojana for consumers and Digi Dhan Vyapar Yojana for merchants on December 25, 2016 in order to promote digital transactions. These schemes are being implemented by the National Payment Corporation of India (NPCI).