With the vision to empower an exceptional payment experience and the setup of a regulatory sandbox for fintech firms, India seems to be moving in the right direction, which is towards digitization and innovation in payments.
We believe that digital financial inclusion can be achieved by offering a sleek and simple payment experience, with voice and vernacular adaptability. The Pradhan Mantri Jan Dhan Yojana (PMJDY) has made it easy for billions to avail of a debit card and is targeted to achieve at least 44 percent of total debit card transactions at Point of Sale (POS) by 2021. POS, in the future, will not be used as payment acceptance devices but as a bundled service with inventory management, business to business/customer payments, lending, financing, GST invoicing, etc.
Cross border remittances still remain a costly affair with consumers and corporates across the globe still trying to
To sum up, if we are looking at creating a ‘digital only’ ecosystem in India, we need to work towards empowering and educating every citizen with digital literacy. This, then will firmly put India on the path of realising its vision of becoming a truly digital and cash-lite economy.
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