Profile
Settings
Refer your friends
Sign out
The digitisation of payment systems has accelerated the pace of e-commerce growth and the adoption of digital modes of payment by different market players. It has led to increasing demand for payment services that offer a seamless and secure digital payment experience for participants in the e-commerce ecosystem. The market is looking for a digital payment ecosystem with a simple and secure infrastructure for accepting digital payments for this to happen. It is where the Digital Payment Abhiyan comes in. This Abhiyan is an initiative to support digital payments in the e-commerce industry by making it easy for e-commerce players. Let’s discuss What is digital payment, Abhiyan?
What is Digital Payment Abhiyan?
Do you know What digital payment is, Abhiyan? The Digital Payment Abhiyan is a joint initiative of the Reserve Bank of India and the Indian Payments Council to provide a pan-India digital payment ecosystem by 2020. The ecosystem will support existing and future digital payment solutions by providing a consistent user experience across all platforms. The platform will allow for the acceptance of payment in several ways, such as credit or debit card, Debit/ATM, and a digital wallet option for convenient and secure payments.
The DPI initiative will support digital payments by making it easy for e-commerce players to accept digital payments. It will help them improve their customer experience and increase customer satisfaction.
How does the digital payment system work in India?
Are you thinking about How does digital payment system works in India? The start of the year saw the launch of the Digital Payment Abhiyan, which aims to build a strong foundation for e-commerce adoption by enabling seamless and secure digital payments. The payment system in India is still decentralised, with different banks and payment providers operating at different levels. The government has taken some initiatives to simplify the process by making it mandatory for all businesses to accept HSNPs (hourly service National Payment Necessities) and other electronic payments, like online banking and mobile money transfers. However, the process has been very cumbersome and slow, often resulting in payments not arriving at their destination on time. So the government has decided to make the entire process smooth and seamless.
To promote digital payments, the Reserve Bank of India has developed a centralised digital payment system, which will be backed by a blockchain. The system, which is called as RBI Digital Payments System, will replace the existing system and will become fully operational next year. The RBI has created a digital payment ecosystem that will provide every participating business with a single platform to accept and process payments to make digital payments seamless and hassle-free. The system will integrate with payment providers like Axis, Bank of Baroda, HDFC, etc. Now you will know How the digital payment system works in India?
Advantages of Digital Payment Abhiyan
The biggest advantage of the digital payment ecosystem is that it will eliminate the need for the participating businesses to use separate payment systems. To make the digital payment Abhiyan awareness among all stakeholders, the Reserve Bank of India has created a digital payment awareness campaign, which aims to get 1000 people to sign up for digital payment messages each month. The awareness campaign will target the youth, who are more likely to be the first to adopt digital payment solutions. The campaign includes digital content and videos, which will help the audience understand the benefits of digital payments and the digital payment Abhiyan awareness.
What are the key takeaways from the Digital Payment Abhiyan Initiative?
Digital payments have become a common practice worldwide, as they provide a more convenient and user-friendly way of doing business. The adoption of digital payments has increased exponentially in the last 5 years, driven by several factors, including the rise of e-commerce, an increasingly digital workforce, and an increasing number of customers using digital payment options. The services and products provided under the Abhiyan aim to make the process seamless. The services and products provided under the Abhiyan aim to make the process seamless.
With the digital payment system launch, the RBI hopes to provide a seamless and hassle-free payment experience to all participants in the e-commerce ecosystem, making transactions quick and easy.
Do you understand What is digital payment, Abhiyan? The digital payment ecosystem has been created to support digital payments in the e-commerce industry by making it easy for e-commerce players to accept payments using one single platform and one single approach.
Conclusion
Digital payments have grown fast in the last few years and have since been a part of everyday life. As more players join the ecosystem, the industry’s growth will continue to rise at a rapid pace. With the introduction of digital payments, more people will benefit from e-commerce, thereby increasing the adoption and growth of the industry. To sum up, now you know What is digital payment, Abhiyan? The digital payment ecosystem is one of the most attractive and important market segments. Therefore, the digital payment ecosystem is an attractive investment opportunity for both new and existing e-commerce players.
