Home News Simplified RBI Launches “Har Payment Digital” Mission to Increase Digital Payments Awareness

RBI Launches “Har Payment Digital” Mission to Increase Digital Payments Awareness

by mehekkaoberoi

Bасkgrоund:-

Digital Payment Awareness week:

  • Digital Payment Awareness Week is an initiative launched by the Reserve Bank of India (RBI) to promote digital payments and increase awareness among the general public about the benefits and safety of using digital modes of payment.
  • During Digital Payment Awareness Week, the RBI and various other stakeholders in the payments industry conduct campaigns and awareness drives to educate people about the various digital payment options available to them, such as UPI, e-wallets, cards, and net banking.
  • The aim of the initiative is to encourage more people to shift from cash-based transactions to digital payments, as it offers several advantages, such as convenience, speed, and safety. 
  • RBI also emphasises the need for consumers to adopt safe digital practices such as using strong passwords, not sharing sensitive information, and verifying the credentials of the service provider before making any transactions.

Digital Payments Awareness Week (DPAW) 2023:

  • DPAW 2023 is observed from March 6 to 12, 2023. The campaign theme is “Digital Payment Apnao, Auron ko bhi Sikhao” (Adopt digital payments and Also teach others)
  • The Reserve Bank will also initiate a ‘75 Digital Villages’ programme in observance of 75 years of Independence. Under this programme, Payment System Operators (PSOs) will adopt 75 villages across the country and convert them into digital payment-enabled villages.

Linkаges:- 

  • Digital payment awareness and adoption in India has been increasing rapidly in recent years, but it still lags behind some of the top countries in the world. In a recent survey conducted by RBI, forty-two per cent of 90,000 respondents in an RBI survey said that they had used digital payments; 35 per cent said they were non-users though aware of digital payments, while 23 per cent weren’t aware of digital payments.
  • China is widely considered to be the global leader in digital payments, with a vast majority of the population using digital payment methods such as Alipay and WeChat Pay. According to a survey by the People’s Bank of China, more than 80% of Chinese consumers use mobile payments.
  • South Korea is another country with a high level of digital payment adoption. The government has actively promoted the use of digital payments to reduce the use of cash, and a survey by the Bank of Korea found that nearly 70% of Koreans use mobile payments.

Сurrent  Sсenаriо:-

  • In order to bridge this gap, Reserve Bank of India (RBI) governor Shaktikanta Das launched a mission — “Har Payment Digital” – with the aim of making every citizen in the country a user of digital payments as part of Digital Payments Awareness Week (DPAW) 2023.
  •  “Har Payment Digital” (HPD) mission that would run till the period of Vision 2025, with an intention to convert the non-users into users of digital payments. Vision 2025 has its theme as “E-Payments for Everyone, Everywhere and Everytime”.
  • RBI, in collaboration with the banks and other stakeholders of the payment systems, will carry out a multimodal campaign covering print, television, radio and social media during the week around the theme — “Adopt digital payments and Teach others also”.
  • Through the campaign, the users of digital payments will be encouraged to teach non-users about the ease, safety and convenience of digital payments to fulfil the mission of every citizen a digital payments user, the central bank said.

Imрасt:-

  • Increased awareness: The campaigns and awareness drives conducted during the week have helped people understand the different digital payment options available to them and how to use them safely.
  • Increased adoption: The initiative has also led to an increase in the adoption of digital payments in India. According to a report by the RBI, the number of digital transactions in India has increased significantly in recent years, with the total volume of digital payments reaching 4.4 billion in March 2020.
  • Financial inclusion: This initiative also has helped promote financial inclusion in India by making it easier for people to access financial services. Digital payments have enabled people in remote and rural areas to access banking services and make transactions without having to travel long distances.
  • Reduced cash usage: The promotion of digital payments has also helped reduce cash usage in India, which has several benefits, such as reducing the cost of printing, transporting and storing cash, and reducing the risk of theft and counterfeiting.

Curated by- Jeffrey

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