This, in turn, is expected to energize private investment in the country through lower cost of credit.The Finance Minister said that the BHIM app will unleash the power of mobile phones for making digital payments and financial wholesale Textiles for sale inclusion.He said that the governments earlier initiatives to promote financial inclusion and JAM trinity were precursors to the current push for digital transactions. A shift to digital platform has huge benefits to the common man,” Jaitley said.Further, a mission will be set up with a target of over 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhaar Pay, IMPS and debit cards.Also, banks have targeted to introduce additional 10 lakh point-of-sale terminal by March 2017, he said.”A merchant enabled Aadhaar payment system will be launched shortly.
India is now at the cusp of a massive digital revolution.”Banks will be encouraged to introduce 20 lakh Aadhaar based POS by September 2017,” he said. This will specially be beneficial to those who do not have debit cards, mobile wallets or mobile phones,” Jaitley said while reading out the Budget in Parliament. These are referral bonus schemes for individuals and a cashless schemes for merchants,” Jaitley said.New Delhi: Promotion of digital economy will clean up the system, weed out corruption and black money, and the government will soon launch an Aadhaar-based payment system to promote digital transactions for people living in hinterlands, Finance Minister Arun Jaitley said on Wednesday.Already, there is evidence for increased digital transactions, Jaitley said.Promotion of digital economy is an integral part of the Governments strategy, Jaitley said, adding it has a transformational impact in terms of greater formalization of the economy and mainstreaming the financial system into the budget system.”125 lakh people have adopted the BHIM app so far, the Government will launch two new schemes to promote the use of BHIM
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