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It’s been more a year since the Indian government came up with demonetization to its citizens. After some initial jitters, the nation has begun to adopt the alternative ways and solutions i.e digital payments. While a large number of people have been using the digital payment strategies even before demonetization but the count has significantly increased in the recent months after this structural reform.
This technical innovation i.e digitization of payments across the nation– independent of whether the transactions happen in urban or rural area – looks encouraging. With new initiatives from the Indian Government for its citizens, i.e adopting digital payments, the dream of the advanced digital economy in India isn’t that far.
Coined in 1995, digital economy is a term that merely refers to a nation’s economy that depends on digital payment technologies. Digital economy totally changes the way individuals have been doing business throughout recent years. With the development of the internet in the previous 2-3 decades, digital economy has been developing abundantly across various nations. The digital economy, apart from making transactions and payments simpler, is also expected to make new market development and growth opportunities and come up with new jobs. Some economists and experts even foresee that the digital economy will turn into the most noteworthy and significant business opportunity in the following years to come.
India includes 15 per cent of the total world population, and with a growth rate of 7 to 8 for per cent, India can turn into the second biggest economy by 2030. To accomplish this, the Indian Government considers the digital economy as the essential growth enabler.
By implementing digital payment strategies, as Digital Point of Sale (Digital POS), Unified Payments Interface (UPI), portable wallets, Mobile Point of Sale (mPOS), and so on, our nation is moving towards making a Digital economy that will benefit the general population (Aam Admi) and the Indian Government in different ways. Some of the significant advantages that government witnesses from the digital economy are:
When the transactions are made digitally, they can be effectively checked or monitored. Any payment made by any client or customer to any merchant will be recorded. Thusly, there will be no means or methods for unlawful transactions to happen. By restricting the cash based transactions and using only digital payments, the Indian Government can efficiently remove the black money.
This is one of the most obvious and common benefits of the digital economy. At the time when the transactions are digitized, monitoring sales and taxes becomes convenient. Since every transaction is recorded, the clients or the customers will get a bill for their purchase, and the merchant are bound to pay the sales tax to the government. This, in turn, increases the revenue of the Indian Government – subsequently bringing about growth of the overall financial status of the nation.
One of the biggest advantages of moving towards digital economy is that it gives a strength or empowerment to the citizens. At the point when the payments move digital, each and every individual is bound to have a bank account, a cell phone, etc. This way, the government can easily transfer the subsidies directly to Aadhaar-linked bank accounts of people. To put it in an easy manner, people no longer have to wait to receive the subsidies and incentives that they are bound to receive from the government. This feature is already in many urban areas. One case of such would be the LPG subsidy that the government provides for the Aam Admi. This subsidy payment is done through bank transfers nowadays.
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