Digital 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.
The Union Ministry of Human Resource Development (HRD) is aiming to make financial transactions completely digital in all higher education institutions. Under this initiative, all public and private institutions including Central and State universities will be fully digitised.
The HRD Ministry is aiming to fully digitise all campus processes including admissions, assessments, result declaration. Moreover, all canteens and business establishments on campus are also encouraged to resort to digital modes using e-wallets by linking the bank accounts with Aadhaar.
The higher education regulators like All India Council for Technical Education (AICTE) and University Grants Commission (UGC) have been taken on board to help facilitate this transition. The HRD Ministry has asked universities to appoint nodal officer for this purpose and send a monthly report to the UGC. The work of developing modules for the internal process is also given to an agency. Under this digitisation initiative, the complete digitisation target will be achieved within six to eight months.
Vittiya Saksharta Abhiyan (VISAKA)
The HRD Ministry had launched Vittiya Saksharta Abhiyan (VISAKA), a digital financial literacy campaign aimed to actively engage youth and students of Higher Education Institutions to encourage and motivate all payers and payees to use a digitally enabled cashless economic system for transfer of funds. So far, it has enrolled lakhs of volunteers from among students to train families in their neighbourhood to conduct financial transactions digitally through BHIM app. They also helped shopkeepers, vendors and merchants’ associations in major markets, talk to shift to digital transactions. Around 2000 higher education institutions were made digital as part of this initiative.