Cashless Economy Current Affairs - 2020

UPI to be launched globally after hitting One Billion transactions in October

The Government of India in its major boost towards cash less digital economy launched the Unified Payments Interface (UPI) channel. The transactions through the channel has reached One Billion in the month of October

Highlights

  • The milestone has been achieved after three years of launch of technology backed payments solution. The system was built by National Payments Corporation of India (NPCI)
  • The platform is one of the fastest growing initiatives of GoI and also the fastest adoption among all other payment systems anywhere in the world.
  • The system is to be taken to the global market. The plan is to be executed by NPCI. The team will first launch UPI in Singapore and then in UAE.

UPI

The UPI was launched before demonetization in 2016. It enables the users to send money from their account to any account without entering bank details. The transactions in UPI are made using email ids and QR codes. The main objective behind the launch of UPI was to promote digital payments.

MOPAD: SBI launches unified payment terminal

India’s largest bank State Bank of India (SBI) has launched its Multi Option Payment Acceptance Device (MOPAD) for digital payments convenience of merchants and consumers. It aims at providing digital convenience to customers and ease of doing business for merchants at the same time. SBI will roll-out this new initiative on all SBI PoS terminals in a phased manner.

Multi Option Payment Acceptance Device (MOPAD)

MOPAD also aims at providing convenience to merchants by eliminating multiple machines that they keep in order to facilitate transaction from different sources. It will allow customers to make payments through cards, Bharat QR, UPI and SBI Buddy (e-wallet) on single Point–of–Sale (PoS) terminal.

It will help merchants to integrate different kinds of transaction through one PoS machine, which will help in eliminate their operational inconvenience and streamline cash flow. Customers will receive a charge-slip as proof of payment after processing any type of transactions through MOPAD. This multipurpose initiative will also enhance digital ecosystem and help bank in driving economy towards a less-cash society.