The data on payment
system indicators such as Paper Clearing, National Electronic Fund
Transfer (NEFT) and National Automated Clearing House (NACH), registered
growth in December, 2016 as compared to November 2016. However, the same
showed a decline in January 2017 as compared to December 2016.
• Immediate Payment Service (IMPS), Unified Payment Interface (UPI) and
Unstructured Supplementary Service Data (USSD) recorded a growth in
January 2017 and December 2016 as compared to November 2016.
• Card transactions at Point of Sale (POS) registered growth in December
2016 as compared to November 2016. However, the same declined in January
2017 as compared to December, 2016.
• Pre-paid Payment Instrument (PPI) - considerable growth in January,
2017 and December, 2016 as compared to November, 2016.
In order to attract general public and facilitate significant
behavioural change among public towards digital transactions NITI Aayog
had launched two major schemes - Lucky Grahak Yojana for consumers and
Digi-Dhan Vyapar Yojana for merchants. 12,72,290 consumers and 70,000
merchants have won prizes for digital payments made through AEPS, USSD,
UPI and RuPay cards as on 22nd March 2017.
To incentivize the States/UTs for promotion of digital transactions, it
was decided that Central assistance of Rs. 50 crore would be provided to
the districts for undertaking Information, Education and Communication (IEC)
activities to bring 5 crore Jan Dhan accounts to digital platform. The
fund allocation is based on proportion of Jan Dhan accounts of all
States/UTs. Under the scheme an incentive @ Rs. 10/- is provided for
every individual who has transited to digital payment mode and
undertaken at least two successful transactions by any of the five
digital payments modes viz: UPI, Rupay / Debit / Credit / Prepaid Cards,
AEPS, USSD and E-Wallets. NITI Aayog has so far released an amount of Rs
15.06 crore to 533 Districts as first installment.
In addition to above following measures were also taken to promote less
cash payment :
• Unified Payment Interface (UPI) based Bharat Interface for Money (BHIM)
App which supports remittance transactions both push and collect was
• Approval has been given for introduction of revised architecture of
Unified USSD (Unstructured Supplementary Service Data ) platform (*99#)
USSD 2.0 version. This integrates UPI based transactions for USSD users
through any type of handset.
• In principal approval has been accorded to National Payments
Corporation of India (NPCI) for launch of pilot for the Aadhar Pay
Payment mechanism, which will enable the merchant to accept payment from
customers using their Aadhar number and biometric data to be
authenticated by UIDAI.
• In-principle approval has been given for launching the National
Electronic Toll Collection (NETC) system, which uses the Radio-Frequency
Identification (RFID) tags for vehicle identification and toll
calculation; the toll will be automatically deducted from the prepaid
accounts linked with the respective RFID tag.
• In order to facilitate wider acceptance of card payments, the
following special measures for debit card transactions (including for
payments made to Government), has been introduced for a temporary period
between January 1, 2017 and March 31, 2017 ;
i. For transactions upto ? 1000/-, MDR has been capped at 0.25% of the
ii. For transactions above ? 1000/- and upto ? 2000/-, MDR has been
capped at 0.5% of the transaction value.
With a view promote less- cash payments, the Reserve Bank of India has
been releasing its Vision for Payment and Settlement Systems in India on
its website since May 2005. The latest Vision document titled “Payment
and Settlement Systems in India: Vision-2018” has been released on its
website on June 23, 2016. The Vision-2018 aims at building best of class
payment and settlement systems for a ‘less-cash’ India. The broad
contours of Vision-2018 revolve around 5 Cs – coverage, convenience,
confidence, convergence and cost. To achieve these, Vision-2018 will
focus on four strategic initiatives such as responsive regulation,
robust infrastructure, effective supervision and customer centricity.
This was stated by Shri Arjun Ram Meghwal, Minister of State in the
Ministry of Finance in written reply to a question in Lok Sabha today.