Har Payment Digital Mission: The need and urgency for digital payments has been growing for a decade now. While the earlier modes of payments through an online mode were net banking and cards, the Unified Payment Interface UPI has been gaining considerable attention in India in recent times. It is now that every Indian is becoming capable of receiving money directly into a bank account very easily.
The National Payments Corporation of India developed the technology and the Reserve Bank of India RBI has observed the success of the payment method extremely carefully to launch the Har Payment Digital Mission. In the ensuing article, we have provided all the crucial details pertaining to the latest mission by RBI. Read carefully in order to educate yourself on this vital financial initiative.
RBI launches Har Payment Digital Mission
The Unified Payment Interface was launched in 2016. Since then, Indian Government has witnessed a rise in digital payments. Nearly every vendor on the urban street has now a UPI Code which is being used for the purpose of payments. As the entire world is moving towards the aim of a cashless economy, the Indian Government is also trying to ace the economy by striving more towards the concept of cashless. Thus, the Reserve Bank of India launched the initiative of Har Payment Digital Mission on 7 March 2023 as per the aim of Jan Bhagidari in the case of digital payments.
The authorities at Payment System Operators PSOs are all set to take full responsibility for 75 villages that have to be evolved in online payment methods. The Governor of the Reserve Bank of India, Shakitkanta Das announced, “We have also decided to initiate a 75 Digital Villages programme through the adoption of 75 villages and involvement of village level entrepreneurs”.
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Aim of RBI’s Digital Payment Mission
The urge to have a cashless economy is one objective of the Central Government which they have very transparently displayed ever since they assumed power. Thus, they launched the Unified Payment Interface UPI which has gained massive popularity in Urban and Sub-Urban areas. Rural development is highly important if India has to become financially digital.
Thus, the Reserve Bank of India declared that Payment System Operators PSOs shall adopt 75 villages where they shall not only spread awareness regarding digital payments but also ensure the use of such payment methods. As a part of the mission, RBI aims to establish Jan Bhagidari which implies the involvement of every resident in the 75 villages.
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Details about Har Payment Digital Mission
The Governor of the Reserve Bank of India, Shakitkanta Das announced the Har Payment Digital Mission during the Digital Payments Awareness Week DPAW. He declared that Har Payment Digital HPD Mission will be successfully running till the year 2025 as per the vision. The concentration of the mission is to convert non-users into users of digital payments. The authorities seek to achieve the aim, of “E-Payments for Everyone, Everywhere and Every time”.
RBI’s initiative of Digital Payments in 75 Villages
Cashless payments are easy to track and easy to maintain in terms of records. With advanced technologies and systems, it has become extremely uncomplicated to monitor the expenses and income of people. Transparency has been brought into the financial systems. Thus, RBI has been strongly advocating the idea of digital payments and UPI has successfully assisted them in this advance. While the entire nation is pacing towards a cashless economy, the rural areas are lagging behind.
Har Payment Digital Mission will ensure that the 75 villages that the economy is a good step in the same direction as it shall make sure that the villages that the Payment System Operators PSOs shall focus on at that moment will definitely thrive in the process.
Facts and Figures About Digital Modes of Payment in India
As the Governor of the Reserve Bank of India, Shakitkanta Das notified that the volume of UPI transactions has increased from 0.45 crore in January 2017 to 804 crore in January 2023, as he announced the Har Payment Digital Mission. He added that UPI transactions have witnessed a massive surge from Rs 1,700 crore to Rs 12.98 lakh crore in this duration.
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