There are still several structural challenges that are hindering the growth of digital payments in the country.
In past few years, digital payments have seen a tremendous growth in India. In terms of volume, digital transactions has grown to 3 billion transactions last year with 620 million transactions worth Rs 1 lakh crore in December 2018 alone from Rs 2,000 crore in 2017-18 and in 2013-14 it was Rs 220 crore. This huge growth is largely credited to Unified Payment Interface (UPI) based mobile transactions, which saw over.
There are still several structural challenges that are hindering the growth of digital payments in the country. There are industry players who are giving a push towards a safer & secured channel for digital payments sector by using aadhar card.
Spice Money’s Aadhaar Pay is a digital payment solution that enables agent to accept payments for goods/services using their android Smartphone and Biometric scanner from customers having Aadhaar seeded bank account. Spice Money has also rolling out the cash withdrawal facility across its 2,00,000 merchant points through Aadhaar Enabled Payment System (Micro-ATMs). This is helping in bridging the gap between ‘Bharat’ and ‘India’ is at the heart of Spice Money’s efforts. They have dense footprints in BIMARU region, comprising the states of Bihar, Jharkhand, Madhya Pradesh, Rajasthan, Chhattisgarh and Uttar Pradesh; accounting for 50 per cent of India’s population.
PwC has launched Aadhaar enabled payments to reduce on-boarding and servicing costs and time, boost to financial inclusion through last-mile connectivity, and reduction in leaks and frauds through a common identifier.
Oxigen has taken a step forward in the field of Financial Inclusion through enabling payment via aadhar details. This will help in improving Cash Withdrawal and Cash Deposit supplementary to Debit/Credit Card transactions.
PayNearBy has come-up with local ATM’s for their customers. Instead of searching for ATMs or standing at long queues at bank branches, customers can walk up to any PayNearby retail store and conduct banking transactions with their Aadhaar number and fingerprint authentication. The team works on deep insights and understanding of payment and transaction technology space.
Publication – The Asian Age
Published Date – August 1, 2019