Business

Centre and PwC partner up to promote digital payments

05 Sep 2017 | By Anish Chakraborty
Center pushes cashless payments across India

According to reports, consulting agency Pricewaterhouse Coopers (PwC) is now assisting the Central government to devise methods and ways by which it will be able to increase the frequency of digital payments in India.

The government needs all the help it can get to achieve the 25-billion transaction target that has been set by the FinMin Jaitley for this fiscal year.

Here's more.

In context: Center pushes cashless payments across India

05 Sep 2017Centre and PwC partner up to promote digital payments

PwCEncouraging digital payments in all avenues

Fintech leader at PwC, Vivek Belgavi said, "We are assisting the electronics and IT ministry to achieve the target of 25 billion transactions for the year by devising ways to encourage digital payments among various government departments."

The idea is to digitize the payments method at various nodes, such as at the government hospitals, canteens, unreserved railway ticket counters and several others.

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In the meantime, the center is also urging players in the banking and payments ecosystem to carry out cashless payments, making use of Unified Payments Interface (UPI) and Bharat Interface for Money (BHIM).

It is also mulling on digitizing the process of paying school fees and subsidy payments to educational institutions and schools.