Top Digital Initiatives-The Impact

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Top Digital Initiatives-The Impact
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Top Digital Initiatives-The Impact

• Right after demonetization, the Government of
  India announced a few measures to encourage
  digital payments.
• These measures were extremely important to make
  people aware of the alternative mode of payments
  and also encourage them to adopt as much they
  can.

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5 Initiatives Taken by Government

• DISCOUNT ON DIGITAL PAYMENTS/ONLINE
  BOOKINGS/INSURANCE PREMIUMS, ETC.-
• FREE ACCIDENTAL INSURANCE COVER
• PROMOTING DIGITAL PAYMENTS IN RURAL AREAS.

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5 Initiatives Taken by Government

• NO SERVICE TAX ON DIGITAL TRANSACTIONS CHARGES.
• MOBILE BANKING BECAME MORE FRICTIONLESS.

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Discount on Digital Payments

• The consumers on purchase of diesel and petrol by
  online transaction were given a discount of
  0.75. Customers availing seasonal/ monthly rail
  network tickets were given discount of 0.5 if
  availed by online payments. Paid railway services
  like catering, accommodation and retiring rooms
  received discount of 5. National highway toll
  payments, insurance premiums sold through
  insurance PSUs customer portals were given
  discount of 10 if paid through digital platforms
  and modes.

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Free Accidental Insurance Cover

• The government of India came up with this
  innovative idea that consumers buying railway
  tickets online will be given free accidental
  insurance up to 10 lakhs. This initiative
  drastically increased the total number of
  passengers booking railway tickets, online. This
  was convenient and cheaper together.

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Promoting Digital Payments in Rural Areas

• Two POS devices were installed in 1 lakh villages
  with POP less than 10,000. Rupay Kisan cards were
  made available for 4.32 crores Kisan credit cards
  holders.

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No Service tax on Digital Transactions Charges

• No service tax on MDR charges up to Rs 200 per
  transaction was made compulsory. Central
  government/PSUs were made to bear transactions
  fees /MDR charges on digital payments, and the
  states were advised to follow suit. PSBs were
  advised not to charge more than 100 monthly
  rentals from merchants for POS terminals/Micro
  ATMs/ Mobile POS.

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Mobile Banking Became More Frictionless

• Steps were taken to make mobile banking no longer
  tiresome, but to make it easy to use and provide
  more functionalities for customers. It has been
  claimed that mobile banking will continue to
  increase past standard banking in customer
  preference considering the initiative taken by
  the government of India in promoting digital
  payments facilities.

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Thank You

• Visit https//www.ownmoney.in/