The Digital India initiative, along with the JAM (Jan Dhan-Aadhaar-Mobile) trinity, is today the centrepiece of India’s development and inclusive growth efforts which started 4 years back with an ambitious attempt to bring formal banking to every household, majorly in rural areas. The winning combination of JAM with Digital India has kick-started a major disruption in banking, payments and the like, as never before. The JAM trinity not only promises to address the problem of multiple identities but can also help the country achieve its financial inclusion goals.The individual benefits of the trinity are Financial Inclusion with Jan-Dhan, De-Duplication with Aadhaar and Digital Services through Mobiles. On the other hand, the convergence benefits of the trinity are Boost to Direct Benefit Transfer, Enabling services by Adding Authentication and Scope for Innovation. In short, the main aim of this initiative is to provide Indians with services delivered to their doorsteps with ultra low-cost transactions and innovation.
According to the Finance Minister Arun Jaitley, India is soon to reach the 1 billion-1 billion-1 billion vision of financial inclusion. That is 1 billion unique Aadhaar numbers linked to 1 billion bank accounts and 1 billion mobile phones. Once that is done, all of India can become part of the financial and digital mainstream and this is when the true potential of India can be realized.
A year after the Digital India initiative, the government of India took a drastic step of Note Bandi- The phase of Demonetisation on 8th November, 2016. India’s Prime Minister, Narendra Modi banned the two highest denomination currency notes of INR 500 and 1,000 to prevent the illegal financial transactions like Fake currency, Black money and Corruption which has been in India for many years. There was a push for digital transactions, use of mobile wallets and the Unified Payments Interface (UPI) started just the day after the PM’s note ban speech. Thus, demonetisation has pushed Digital India to a very different scale and made it the national agenda as people started using more digital payment modes and less of cash.
The government of India aims to create a cleaner, more transparent economy via digitalization that will lead to improved climate for foreign investment and boost economic growth; and demonetisation can be seen as a step towards this aim.
Over the past four years, the push for ‘Going Digital’ has been spreading widely. The government of India launched new digital ways of transactions including Aadhaar-enabled payments system (AEPS), apps such as BHIM
(Bharat Interface for Money), Unstructured Supplementary Service Data (USSD), Bharat QR and even a dedicated television channel called “DigiShala” to educate people in cashless transactions. The new connectivity solutions and smartphones allow more and more people to carry a 24/7 bank in their pocket.
By using the Bharat QR or UPI, a customer can scan the QR code and make payment using their smartphones without having to own a card. By using the AEPS, a customer can make payment via their Aadhaar card which will authenticate the customer through IRIS scanning and then the amount will be debited from the Aadhaar linked bank account.
By using ApnaPay device, the customer can also check Account Balance, print Mini Statement, request Cheque Book and update Account Info.
Thus, ApnaPay aims to provide the most cost-effective way to promote Digital India by giving Digital Governance, Digital Services and Digital Financial Inclusion as rights to each and every citizen of the country.