Cashless Economy Current Affairs - 2019
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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.
NITI Aayog has signed Statement of Intent (SoI) with noted media personality and entrepreneur Sushant Singh Rajput to collaborate and support its flagship Women Entrepreneurship Platform (WEP) initiative. In his new role, actor turned entrepreneur will support NITI’s initiative for women entrepreneurs, to fund women-led startups to establish a vibrant, enabling entrepreneurial ecosystem for women of the country. He will also promote Bharat Interface for Money (BHIM) digital payments app for cashless economy by appearing in various video, print and social media campaigns of NITI Aayog. He will also support NITI Aayog in promoting Women Transforming India Awards 2018 with theme ‘Women and Entrepreneurship’.
Women Entrepreneurship Platform (WEP)
NITI Aayog had launched Women Entrepreneurship Platform (WEP) in March 2018 on the occasion of the International Women’s Day.
- Build ecosystem for women across India to realize their entrepreneurial aspirations, scale-up innovative initiatives and chalk-out sustainable, long-term strategies for their businesses.
- Power vibrant entrepreneurial ecosystem through enabling network of industry collaborations, partnerships, mentors and peer-to-peer connect.
WEP helps aspiring women entrepreneurs in three different ways which is manifested as its three pillars. They are
- Ichha Shakti: Motivating aspiring entrepreneurs to start their enterprise.
- Gyaan Shakti: Providing knowledge and ecosystem support to women entrepreneurs to help them foster entrepreneurship.
- Karma Shakti: Providing hands-on support to entrepreneurs in setting-up and scaling up businesses