NITI Aayog constituted a committee on Digital Payments
It comrpises of Chief Ministers of various state governments with Shri Chandra Babu Naidu, CM of AP as the Convener for suggesting measures to migrate to the digital mode of payment .
It is a Government of India initiative to promote digital payments,
This initiative will enable India to march into the advanced digital payment systems that compares with the best global standards.
The Terms of Reference of the NITI Aayog Committee on Digital Payments:
(i) best global practices adoption for implementing an economy primarily based on digital payment and examine the possibility of these global standards in the Indian context;
(ii) The Committee shall identify and outline measures for rapid expansion and adoption of the system of digital payments like cards (Debit, Credit and pre-paid), Digital-wallets/ E-wallets, internet banking, Unified Payments Interface (UPI), banking apps etc
iii) An action plan for public at large with the objective to create awareness and help them understand the benefits of digital economy;
(iv) Prepare a roadmap for the administrative machineries in the States to facilitate adoption of digital modes of financial transactions;
(v) Identify and address bottlenecks and indicate solutions pertaining to adoption of the steps required to move towards a digital payments economy;
(vi)Associate the key stakeholders for implementation of the suggested steps towards a digital payments economy;
(vii)Delineate and adopt measures evolved by the Committee of Officers constituted for the purpose;
(viii) The Committee may devise its own procedures for conducting business/ meetings/ constitution of sub-groups, etc.
The NITI Aayog Committee on Digital Payments recommendations are:
(i) Setting up of target and monitoring mechanism;
(ii) Expanding technical infrastructure for digital payments;
(iii) Increasing supply of acceptance infrastructure;
(iv) Necessary institutional, policy, regulatory changes to ease adoption of digital payment;
(v) Incentivize digital transactions;
(vi) Strengthening security in digital payments and
(vii) Targeting specific segments for quick results.