On 9th February 2023, the Minister for Electronics & Information Technology, Communications and Railways, Ashwini Vaishnaw launched the ‘Digital Payments Utsav’ – a comprehensive campaign aimed at promoting digital payments across India.
The “Digital Payments Utsav” is a 10-month-long festival that will showcase India’s journey towards digital transformation through a series of events and initiatives. The focus of the campaign will be to increase awareness and adoption of digital payments in the cities of Lucknow, Pune, Hyderabad, and Bengaluru, as part of the G20 Digital Economy Working Group (DEWG) event.
Vision for a Complete Digital Credit System Rollout
In his address, the Minister shared his vision of the complete rollout of the digital credit system in 2023 and directed National Payments Corporation of India to take the lead in this direction. He expressed his support for the Prime Minister’s vision of a digital revolution having a transformative impact on the hard-to-reach people in India. He also informed that Mission Bhashini – National Language Translation Mission and Digital Payments have come together to make UPI 123 Pay available in local languages, making it easier for people to make payments in their preferred language through voice.
Efforts to Expand the Reach of UPI
Alkesh Kumar Sharma, Secretary, MeitY, spoke about the ongoing efforts to expand the reach of the Unified Payment Interface (UPI) in India and beyond. He highlighted that National Payments Corporation of India has already taken steps in this direction by partnering with countries such as Nepal, Singapore, Bhutan, the United Kingdom, and the United Arab Emirates. He also shared that UPI services will soon be available to Non-Resident Indians (NRIs) living in 10 countries, including Australia, Canada, Hong Kong, and more.
Key Initiatives Launched to Promote Digital Payments
Several key initiatives were launched during the event to promote digital payments, including:
1. A G20 Co-branded QR code
2. A G20 edition of the preloaded RuPay On-The-Go device
3. Innovative products from banks and fintech companies
4. A joint campaign by MeitY and Delhi Police to promote secure digital payments
5. A Coffee Table Book titled “Towards a Developed India Catalysing Inclusive Growth Through Digital Payments.”
DigiDhan Awards Recognizing Top Performers in the Digital Payments Space
28 DigiDhan Awards were presented to top-performing banks, bankers, and fintech companies for their outstanding performance in the digital payments space. These awards recognize their efforts in promoting digital payments and contributing to the growth of the digital economy.
Digital Payment Sandesh Yatra – Educating Citizens about Digital Payments
The event culminated with the flag-off of the Digital Payment Sandesh Yatra, a nationwide tour to educate citizens about digital payments and its security. The yatra is an important aspect of the Digital Payments Utsav and is expected to increase awareness and adoption of digital payments in India.
The launch of the Digital Payments Utsav marks a major milestone in the government’s efforts to promote digital payments and drive digital transformation in India. The comprehensive campaign is expected to bring together various stakeholders, including the government, industry, and citizens, to drive the growth of the digital economy and promote financial inclusion.
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