MeitY concludes Digital Payment Utsav with a challenge to bankers

Placing a challenge before bankers to create a platform as powerful and seamless as the Unified Payments Interface, Ashwini Vaishnaw, Minister for Electronics and Information Technology said at the Digital Payment Utsav held in the city on Sunday that they should think of more ways of providing quick and easy credit to the micro, small and medium enterprises, small industries, small businessmen and people at the bottom of the pyramid.

“You (bankers) have today a very good ecosystem of Aadhar, Digilocker and UPI to take up the challenge. Work on the challenge for the next three months, come back and I will work the whole day with you to look at the concepts you have brought,” he said.

The day saw the launch of initiatives like “Payments On the Go,” with Bank of Baroda and City Union Bank launched Rupay-on-the-Go, “Inclusive Credit for All,” with India Post Payments Bank-Punjab National Bank, Kotak Bank, YES Bank, Indian Overseas Bank, ICICI Bank, Indian Bank, Bank of Maharashtra, and City Union Bank launched Contactless Credit cards on the RuPay network, and empowering small merchants through Union Bank’s Android-based SOFTPOS mobile app for point of sale, which will further the cause of digital payment adoption.

As many as 40 stalls were set up by various fintechs, banks and other ecosystem partners, who have contributed to the revolution of digital payments in the country, as part of an Expo in the event.

Delivering the special address, Rajeev Chandrasekhar, Minister of State for MeitY, appreciated the efforts of the banking, financial services and insurance and fintech players for making the dream of a less-cash, digitally empowered and Aatmanirbhar Bharat a reality.

“The performance of India in digital payment space is the envy of nations around the world that years ago thought they are ahead in technology and innovation,” he added.

The keynote speaker at the event Shri Ajay Sawhney, Secretary, MeitY emphasised the vision to make India a less-cash society and shared his insights on the need for a robust and secure payment ecosystem. “Coming on top of Aadhar, UPI has created a certain magic, making it a living digital identity for which we don’t even require a card in pocket. UPI is not just a database or a project, it is a nationwide ecosystem where everyone is welcome to join in. UPI continues to grow at an unexpected pace…but we still have many miles to go. Till we see cash our work is not complete,” he said.

“Thanks to the wide acceptance of customers, we have been witnessing exponential growth in Digital payments year after year and especially during the pandemic. The total transaction volume has increased from Rs 2,071 crore in financial year 2018 to Rs 5,551 crore in financial year 2021. Digital payments have been keeping the economy running and helping people reduce the contact with the virus,” said Simmi Chaudhary, Economic Adviser, MeitY.

The event was marked by various cultural activities, an Awards ceremony for banks and fintechs, the launch of “Chutki Baja Ke” Digital Payments Anthem, and the flag-off of Digital Payments Sandesh Yatra by the Union Minister and other dignitaries.

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