Hyderabad: The government got a pat on the back for its efforts to push for more digital payments and biometrics-based Aadhaar from the Better Than Cash Alliance (BTCA), a programme under the United Nations Capital Development Fund, at the ongoing Global Entrepreneurship Summit (GES) 2017 on Wednesday.
Participating in a panel discussion on “Payment Platforms: What’s the Next Game Changer", Dr Ruth Patricia Goodwin-Groen, managing director of BTCA, which collaborates closely with other global organizations and is an implementing partner for the G20 Global Partnership for Financial Inclusion, said that India’s leadership with regard to Aadhaar is acknowledged by the G20.
She added that the Indian government has saved $2 billion by stopping leakages in the last two years through the implementation of direct benefit transfer. The other members on the panel were Lisa Mather, vice-president and chief international counsel of online payment company Paypal Holdings Inc., and Sachin Bansal, executive chairman and co-founder of e-commerce company Flipkart.
Acknowledging that digital payments are going up in India, Bansal said that the entire scenario is yet to play out. Talking about financial inclusion with regard to businesses and customers, he said: “Digital payments/records help with assessing credit ratings (of businesses/entrepreneurs seeking loans from banks)."
Bansal said that the goods and services tax (GST) will also push more people to opt for digital payments instead of dealing in cash. “Aadhar is also making digitization easy and making cash usage difficult," he said and added that the benefits (of GST) will drive more people to choose online payments.