Mumbai | July 03, 2015 12:39 IST
On 1 July, 2015 India took a crucial step in moving towards a digital economy. Prime Minister Narendra Modi’s vision of electronic integration of the government departments and inclusive growth takes off with the launch of Digital India Week.
Complementing the government’s Digital India initiative, ePaisa is offering a special flat 1.5% transaction rate for credit card acceptance all through July. Now businesses and organizations will be able to enjoy low transaction rates, trusted and secure payment processing, and access to other business tools such as billing, inventory management, loyalty programs and analytics.
“We fully support the Digital India Week initiative of the Indian government. Our belief is that if you want to digitize India, you have to digitize the point of sale. We are therefore making accepting payments easy and low cost, so that it no longer gets in the way of digitizing India—and growth of businesses.” Says Siddharth Arora, CEO & CoFounder, ePaisa.
The objective of the Digital India Week Programme is to empower every citizen with access to digital services and information. However, it is important that the government take an holistic approach and include digitization of Point of Sales as well.
According to a 2014 study by McKinsey & Co, the move from cash payments to digital payments could save the Indian government Rs 2240 crores per year resulting in reduced overheads, transaction costs and fraud.
The recent announcement by the Finance Minister to incentivize the use of credit and debit cards by offering tax rebates to merchant establishments and consumers, making high value transactions mandatory through electronic means is another step in the right direction.