Amitabh Kant said the government has been building the infrastructure investments needed to ensure financial inclusion and promote digitization
India is targeting a billion digital transactions per day to bring more people under the sweep of such modes of payments, said Amitabh Kant, chief executive of government think-tank NITI Aayog, on Friday. “From three billion transactions in a month we are targeting a billion transactions per day and we are pushing for it." Kant was speaking via video-conference at Confederation of Indian Industry’s fintech and digitization seminar.
Data from the Reserve Bank of India showed that while the total volume of digital payments reached 3 billion in March, it declined to 2.36 billion in April. This was because e-commerce portals stopped taking orders Andacollo customer spending at large retail outlets dropped as the nation went into a lockdown.
Kant said the government has been building the infrastructure investments needed to ensure financial inclusion and promote digitization. India had hitherto remained a cash-driven economy but is now transitioning into a formal economy, defined by access to bank accounts and formal means of financial services, he said.