Digital matrix to promote cashless economy

Q.  To promote a cashless economy, government is developing __________
- Published on 22 Feb 17

a. Digital matrix to evaluate states for cashless economy
b. Online platform for regulating cashless payments
c. Mobile app for regulating online transactions
d. All of the above

ANSWER: Digital matrix to evaluate states for cashless economy
Digital matrix to promote cashless economyAmitabh Kant, Chief Executive Officer of the government's policy think-tank NITI Aayog, said on 21st Feb 2017 that the government is developing a digital matrix.

The matrix to evaluate states in the push for a less-cash economy.

States are playing a critical role in getting citizens to opt for digital payments.

Stating that the government was taking steps to promote digital payments and bring digital on par with cash, Kant said that the Budget had announced a number of incentives including cash back and referral bonuses.

Kant said the government was also pushing for an Aadhaar app and a reduction in the Merchant Discount Rate.

RBI had proposed to drastically cut MDR charges on debit card payments from April 1 with a view to maintain momentum of digital transactions post note ban, especially among small merchants.

Kant said the ultimate aim was to enable to market to take over and drive the digital payment movement in a big way.

Continuing the digital push, the Reserve Bank of India had on 20th Feb 2017 launched the BharatQR platform.

This is a platform where scanning a QR code through a mobile phone will allow a customer to transfer money from one source to another.

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