Big announcement soon to boost online digital payment

Given the increasing penetration of digital payments in the country and consumers are adopting it, now it is ready for the next phase. This is an online digital payment. This means that digital transactions will be possible through mobile, laptop, or any other medium without an internet connection.

Although the RBI had announced this in a review of monetary policy recently, preparations have been started in this regard at the level of the central government as well. The advantage will be that where the internet has not reached or where the internet connection is weak, the path of digital payment will be cleared. In order to promote digital payments in the country, a committee constituted in the NITI Aayog recently held consultations with various financial institutions as well as the Ministry of Finance and Ministry of Information and Technology.

The way the Jan Dhan account and digital payment has been promoted at the central government level, also push online digital payment on the same lines. It is ready to go that the matter of digital payment can move forward in rural areas. Due to the facility of online payment, people will be able to conduct financial transactions even though there is no internet connection. Those who are not using the smartphone will also be able to take advantage of this. According to COAI, an association of telecom companies, at present, around 500 million mobile subscribers in India do not have an internet connection. It is difficult for them to make digital payments or to get all kinds of financial services.

This problem will be solved by having an online digital payment system. By the way, an online payment facility was launched on the UPI platform by the National Payments Corporation of India in 2012, but it did not become very popular among the common people.