Chapter 6

Recommendations for Building Usage and Acceptance in India

Despite major gains made in digital payments since demonetisation, 96 percent of transactions are still done in cash. With only 25 lakh POS terminals deployed in India, acceptance remains the most critical challenge.

Prime Minister Narendra Modi recently announced a goal of 2,500 crore digital transactions in India in the budget calendar year 2017-18. This vision can only be achieved by growing the electronic payments ecosystem in India with the help of every willing payments provider. India must convert more consumers to use and demand electronic payments and execute an exponential growth in merchant acceptance. And this work must be done with urgency.

Prime Minister Narendra Modi recently announced a goal of 2,500 crore digital transactions in India the budget calendar year 2017-18.

The Universal Access to Infrastructure and Open Payment Systems framework is essential to maximising efforts to increase acceptance in India. All financial institutions, payment solutions, networks and providers should be aligned with government in educating and converting consumers, merchants and traders to digital payments. Government alone cannot reach the many crore that make up the payments universe.

To further advance demonetisation cashless vision by fundamentally changing business and consumer behavior and and reach 2,500 crore digital transaction goal, Government of India should work to establish electronic payments for actual commerce as opposed to being a mechanism to obtain cash through ATMs:

To better encourage universal adoption and socialisation of digital payments:

Together we can build the best electronic payments system for a Less-Cash India.