Digital Payment Revolution: Changing Lives and Economy
Discover how digital payments are transforming lives by providing convenience, security, and economic benefits. Explore the various digital payment modes and their impact on society.
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Presentation Transcript
The Institute of Cost Accountants of India How Digital Payment is Changing our Lives Chandigarh Panchkula Chapter 9thJune, 2018
What is Digital Payment ? Payments using electronic means without involving any physical cash Participants: Payment Service Operators : Banks, Wallets, NPCI, Gateways, Card Companies Sender : Customer Receiver : Merchant or Shopkeeper Regulator : RBI
Why Digital Payments ??? For Individual Most Convenient Secure Cost Effective For Economy Increased Revenues and Savings Reduction of Black money problem Increases Transparency Promotes Inclusive Growth
How Digital Payments is Changing Lives ? Physical Wallets getting replaced by Digital Wallets No Ques for payment of Utility Bills Emergency Payments No Banking Ques Increased Savings and Income Anytime Access to Account Ask a Farmer or Fruit Cultivator
Simple Digital Payment Cycle Example of Online Shopping
IMPS Digital Payment Modes
IMPS IMPS Immediate Immediate Payment System Payment System Only system across the world performing at Level 5 of Faster Payments Innovation Index (FPII) beating UK, US & Japan The most convenient and secure Managed by National Payment Corporation of India (NPCI) Payment Modes includes: UPI, USSD, AEPS Also Integrated with Mobile Banking apps No need to remember account number or IFSC IMPS Transactions Growth 2018 2017 2016 2015 0 200000 400000 600000 800000 1000000 1200000 2015 58200 2016 162200 2017 425300 2018 1112200 Value Rs. (in Crores)
Q & A CA. Pankaj Gupta FCA, MBA (Finance), M. Phil. (Management), NCFM Partner Vigyan Arora & Co. Chartered Accountants +91 9815901019 | capankaj@gmail.com
