IAS Gyan

Daily News Analysis

Better Than Cash Alliance

10th December, 2020 Economy

Context: Department of Economic Affairs (DEA), Ministry of Finance hosted a learning session “Accelerating Responsible Digital Payments:  Unlocking the Role of Fintech in Last Mile Service Delivery” with leaders from States and Union Territories across India. 

  • This Peer Exchange is a result of the tremendous success and opportunities highlighted during COVID-19 and is co-organized with the UN-based Better Than Cash Alliance.
  • The Digital Payment Infrastructure established by Government of India including Jandhan accounts, Aadhaar and Mobile phone (JAM) was put to excellent use during the pandemic.
  • The Government of India has taken several initiatives to foster innovation and adoption of technology to bring in greater inclusive growth.

Better Than Cash Alliance

  • United Nations- the Better Than Cash Alliance is a partnership of over 75 governments, companies and international organizations committed to accelerate the transition from cash to digital payments to advance the Sustainable Development Goals.
  • India became a member of the Better Than Cash Alliance in 2015 to digitize payments to achieve financial inclusion and to share success stories from Pradhan Mantri Jan Dhan Yojana, the world's largest financial inclusion program.
  • Alliance is working with several state governments towards the goal of building knowledge and programs where people, governments, and businesses can make and receive digital payments.