Government Will Absorb Transaction Fees for Digital Payments In Order To Boost Cashless Economy

Government Will Absorb Transaction Fees for Digital Payments In Order To Boost Cashless Economy

The government will decide to change the every transaction in to the digital payments which mean the online payment. This will give the great benefits to the 60 crore debit card and 2.5 crore credit card users. Because they can pay all their transaction with the help of cards or using their net banking facility at the same time it will give the more profit to the government.

Government Will Absorb Transaction Fees for Digital Payments In Order To Boost Cashless Economy

The ministry of finance has been ordered the entire government department to design the plan for the settlement of transaction fees in the form of digital medium.

Who stated that India should move towards Cashless SocietyIndian Prime Minister Narendra Modi
Where did Modi stated Cashless SocietyDuring his Mann Ki Baat speech
Methods suggested by ModiJAM mechanism and electronic payments
Main motive behind cashless societyTo control black money
Is there any benefits for consumers while opting cashless transactionYes! Transaction fee will not be charged

All over India follow the cashless habit transactions

A special force has been appointed for the digital medium mission who has been under the department of Investment and Public Asset investment (DIPAM) secretary Neeraj Gupta.

In addition to Ministry of finance said that all government departments and collection of agencies must spread the message to the cashless economy and encourage the people who all are pay the money via online medium.

In a last year, it was reported that if your government transactions above 1000 then they have to pay it in the online medium. But however the plan is not yet implemented and the step will be there to achieve the digital transaction payments.

In earlier Indian railways handle the more number of online transactions and this year February the government has removed the service and surcharges on all the form of digital payments.

What are the decisions are approved to promote the cashless transactions

  • Merchant Discount Rate (MDR) on care transactions are reorganized and it will be differentiating from the MDR framework.
  • The formula will be linked to the acceptance infrastructure by the stake holders for the certain products.
  • In the rationalized Telecom service charges for the financial transactions.They will try to promote the mobile banking in the rural areas.
  • They will create the special departments to check the fraud activities and take the quick action to such kind of incidents.
  • The official statement from the government said who all are using the digital payment system, government has reward those kinds of people.
  • At the same time government planned to reduce the surcharge fees and service tax and other convenience fees. But this process still is not yet completed.
  • The recent decision of the service and surcharge on the cashless payments was approved by the cabinet and which is headed by the Prime Minister Modi.

Earlier of this week the government has announced the Unified payment Interface implementation across the India. In this implementation you no need to use your wallets just use the card like credit or debit card.

If you see the reports about the cashless transactions, it will be serious in the India and it is seems within this year government has implement this plan to the India.

So try to change in the online transaction or the card transaction so our India will be the economically growing country.

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