Cashless Transactions Current Affairs
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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.
Prime Minister has launched 81 cashless/less cash townships across 12 states in Nagpur. The 81 townships included 56 in Gujarat and 25 in 11 states including Delhi, Gujarat, Uttar Pradesh, Madhya Pradesh, Maharashtra, Bihar and Chhatisgarh. The model of cashless/less cash township was developed by Gujarat Narmada Valley Fertilizers and Chemicals Ltd (GNFC) across these States under the auspices of National Institution for Transforming India (NITI) Aayog.
GNFC’s township at Bharuch (Gujarat) had become India’s first 100% cashless township after demonetization. It is expected that these 81 townships will deliver 2.5 lakh cashless transactions per day, translating into 9 crore cashless transactions in a year.
The townships for adopting GNFC’s model were selected based on a third-party assessment by Price Waterhouse Coopers (PwC). The chosen 81 townships belonged to that of central public sector companies such as ONGC, Indian Oil, NTPC, SAIL, BHEL, NMDC, CRPF, BSF and Police Lines and also to private sector townships like Reliance, Essar, Adani, Birla Aditya, Welspun etc.
The criteria for qualification of a township to a less cash township are: townships must have completed the payment acceptance infrastructure; all the families residing in the townships must have been covered under training programmes; 80% of total transactions during the review period should have been done through digital modes.
NITI Aayog has appreciated GNFC’s model and had advised Central ministries and CMDs of 300-plus central PSUs for quickly adopting to this model.
As per the study conducted by PWC on GNFC’s cashless initiative, following benefits have been identified:
- It resulted in financial inclusion, cashlessness as a lifestyle, better parental control over child’s expenses, women’s empowerment, more convenience in performing transactions and social upliftment.
- Over 96% of farmers during the assessment reported cost savings resulting from fewer trips to fertiliser shops and discounts on cashless transactions. They have also reported better money management.