IAS Gyan

Daily News Analysis


6th December, 2021 Science and Technology

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  • The Ministry of Electronics and Information Technology (MeitY) hosted a unique event - ‘Digital Payment Utsav’ as part of the week-long ‘Azadi Ka Digital Mahotsav’.



  • The day celebrated the journey and rise of digital payments in India and brought together leaders from the Government, banking sector, fintech companies and startups.
  • The event witnessed the unveiling of the DIGIDHAN logo, launch of an awareness campaign called Digital Payments Sandesh Yatra with digital payments anthem titled ‘Chutki Baja ke’ (cashless, touchless, paperless).
  • MeitY also recognised the contribution of four payment system aggregators for onboarding street vendors under the PM SVANidhi Scheme.
  • The event saw the launch of innovative solutions like:
  1. Payments on the Go: Wearables are re-defining the true paperless contactless payments, catalysing them further, Bank of Baroda and City Union Bank launched Rupay-on-the-Go.
  2. Inclusive Credit for All: Credit cards represent the next big in fintech and contactless is truly the way forward. To drive it to the next level, India Post Payments Bank-Punjab National Bank, Kotak Bank, YES Bank, Indian Overseas Bank, ICICI Bank, Indian Bank, Bank of Maharashtra, and City Union Bank launched Contactless Credit cards on the RuPay network.
  3. Empowering Small Merchants: India has close to 1.5 crore retail stores/ Kiryana stores. Union Bank announced an android-based SOFTPOS mobile app for point of sales, which will further the cause of digital payment adoption.