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DPAW 2023 – Campaign for Financial Inclusion

Digital Payments Awareness Week (DPAW) 2023 is a Reserve Bank of India (RBI) initiative to bridge the digital divide in India by increasing awareness about digital payments. The mission ‘Har Payment Digital’ (Translation: Every Payment Digital) was launched on 6th March at the RBI Headquarters by RBI Governor Shaktikanta Das with the campaign theme “Digital Payment Apnao, Auron ko bhi Sikhao” (Translation: Adopt Digital Payments and also Teach others). The weeklong Digital Payments Awareness Campaign is an arduous endeavor to make every person in India a user of Digital Payments.

As India gradually shifts towards a cashless economy, it is of utmost importance to ensure every demographic of our vastly diverse country has equal access to the digital payments and the benefits of speed, convenience, and security it offers. According to Press Information Bureau, digital payments garnered remarkable success in the country with 8840 Crores being the total number of digital transactions between 2021-22 and UPI (Unified Payments Interface) cinching the mantle for being the preferred payment mode. Here are the 3 key takeaways from DPAW 2023, the Digital Payments Awareness Campaign.

Har Payment Digital

The campaign ‘Har Payment Digital’ is aimed at reinforcing the convenience of digital payments and facilities to further deepen the usage and footprint of digital payments across the country. RBI Governor also highlighted the immense wealth of capacity and capability of UPI Payment System in India. As stated by him during the inauguration of Digital Payment Awareness Week 2023, the number of UPI transactions is currently 26 Crore per day, and the system can handle 100 Crore transactions per day.

DPAW 2023 also intends to facilitate onboarding of new consumers into the digital fold with various campaigns highlighting the digital payment channels available. These campaigns are being planned by banks and non-bank payment system operators. The initiative will further encourage and support the adoption of digital payments in the country

Empowering 75 Digital Villages

In observance of 75 years of Independence, RBI initiated the ‘75 Digital Villages’ program. Under this initiative, Payment System Operators (PSOs) will adopt villages and drive two campaigns at each of the villages to improve awareness about digital payments and onboard village level entrepreneurs to realize an inclusive financial future. The awareness campaign is aimed at achieving a digitalized cashless economy for the rural population of India. The benefits of a secure, speedy, convenient future of digital payments are to be inclusive of the rural demographic.

Also, the regional offices of RBI across the country will be engaging public in Jan Bhagidari activities aimed at encouraging the acceptance and use of digital payments under the G20 theme of promoting public digital infrastructure during Indian presidency. The message is in sync with payments vision 2025 of RBI i.e., ‘e-payments for everyone, everywhere, and every time.’ Significantly ‘Inclusion’ has been identified as one of the anchors under the vision and various activities proposed at DPAW 2023 will help facilitate agenda of financial inclusion.

Cross-Border Digital Payment

The next phase of Payments Industry in India is to enable smooth, secure, and accessible cross border payments. As stated by RBI Governor at the inaugural of DPAW 2023, QR (Quick Response) code based, and UPI enabled person-to-merchant (P2M) payments has been operational in Bhutan, Singapore, and United Arab Emirates.

The G20 summit was yet another platform to demonstrate India’s accomplishment in the Payments Industry and aid other nations in realising a seamless payment experience that is fast, secure, and convenient. The G20 delegates were onboarded to use UPI without having a bank account in India, for a first-hand experience of the seamless and convenient payment system in India.

India surges ahead with innovative payment systems facilitating seamless and secure payments for all. Digital Payment Awareness Campaign by the RBI is an endeavor to promote financial inclusion in the country by engaging the public in educating each other about digital payments and its many advantages. Pay10, as a Payment Service Provider is intent on being a modest contributor to bridging the digital divide in India with its innovative FinTech services such as seamless Payment Gateway that unifies diverse payment options such as credit/debit card, net banking, UPI, wallets, Payment Links, and more.

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