The Reserve Bank of India (RBI) has unveiled an initiative to turn 75 villages nationwide into digital payment-enabled communities. This action, announced during the Digital Payments Awareness Week (DPAW) 2023, forms part of the Har Payment Digital mission and commemorates 75 years of independence.
About the ‘Har Payment Digital’ Mission
The RBI’s ‘Har Payment Digital’ mission is designed to foster the use of digital payments across India and facilitate the onboarding of new digital consumers. As a part of this groundbreaking initiative, Payment System Operators (PSOs), entities authorized by the RBI to establish and manage a payment system will adopt these villages throughout the country.
Through the program, PSOs will conduct educational camps in each of these villages with the explicit intention of enhancing awareness and enlisting merchants for digital payments. As of February 2023, India has 67 PSOs operating under various categories like retail payments organizations, card payment networks, ATM networks, prepaid payment instruments, among others.
The Significance of the Initiative
The significance of the ‘Har Payment Digital’ campaign extends beyond just the introduction of digital payment facilities in the selected villages. It also aims to accentuate the ease and convenience of digital payments, which will hopefully inspire more individuals to adopt this method of transaction.
Banks and non-bank payment system operators are planning various campaigns to bring attention to the digital payment channels available. These campaigns are expected to further promote and support the shift towards digital payments in the country as a whole. This initiative, coupled with concerted efforts from banks and payment system operators, is expected to catalyse the widespread adoption of digital payments.
In Conclusion
With the focus on digital payments gaining momentum, the ‘Har Payment Digital’ campaign launched by the RBI underlines the importance of fostering a digital payment culture across India. By embracing digitalization, these 75 villages will potentially pave the way for a digital revolution in rural India, thereby contributing significantly to the country’s larger goal of financial inclusion.
The initiative not only signifies the RBI’s commitment to promoting digital transactions but also underscores the role of digital payments in facilitating ease of transactions. It is a significant step towards ensuring that the benefits of digitalization are not limited to urban areas, but reach the country’s remote corners.