Increasing Cashless Transactions - Addl Inputs
Below are the key inputs received from you in regards to promoting cashless and reducing cost of cashless transactions. If you have additional inputs on the subject, kindly share the same. We will be following up on this matter with Reserve Bank of India and MEITY to see how the cost of cashless can be reduced.
We look forward to your inputs!
Reducing cost of Cashless Transactions - Citizen Inputs
1. Government must limit maximum charges by card companies/banks on merchants to 0.25% for debit card transactions and 0.5% for credit card transactions.
2. Getting a POS terminal should be made relatively easy for the shopkeepers
3. Banks should upgrade the entire payment network to the latest technology to handle the increased load and minimize hiccups during payments
4. Payment security gateways should be made top notch to prevent hacking
5. Multiple TV/radio/newspaper campaigns should be done to educate people from different classes about the dos and don’ts of cashless transactions
6. People should be given enough cashless options like cards, e-wallets etc. by business establishments, so that they can pay as per their convenience
7. It should be made illegal for an establishment to charge a higher amount when the payment is made through a card
8. Banks should be directed to give a mandatory debit card with the opening of any savings or current account
9. Availability of internet in rural as well as urban India should be taken to the next level as the entire cashless platform is built with internet as its base
10. All the cashless transactions have to be connected with OTP approval of the individual mobiles or a password, so that all the transactions become completely safe
11. Banks could insure online transactions so that the consumer is not at a loss in case of a fraud or a hack
12. Annual fees charged by the bank for debit cards should be completely waived off
13. All government and semi-government institutions should be directed to accept card without any surcharge
14. Payment gateway companies Visa and MasterCard should be asked to reduce their processing charges on each transaction
15. The credit card companies should reduce the transaction fee charged from the merchants as the number of transactions increase
16. Government entities like RuPay and Bhim should be promoted so that the transaction costs could be lowered. more
We look forward to your inputs!
Reducing cost of Cashless Transactions - Citizen Inputs
1. Government must limit maximum charges by card companies/banks on merchants to 0.25% for debit card transactions and 0.5% for credit card transactions.
2. Getting a POS terminal should be made relatively easy for the shopkeepers
3. Banks should upgrade the entire payment network to the latest technology to handle the increased load and minimize hiccups during payments
4. Payment security gateways should be made top notch to prevent hacking
5. Multiple TV/radio/newspaper campaigns should be done to educate people from different classes about the dos and don’ts of cashless transactions
6. People should be given enough cashless options like cards, e-wallets etc. by business establishments, so that they can pay as per their convenience
7. It should be made illegal for an establishment to charge a higher amount when the payment is made through a card
8. Banks should be directed to give a mandatory debit card with the opening of any savings or current account
9. Availability of internet in rural as well as urban India should be taken to the next level as the entire cashless platform is built with internet as its base
10. All the cashless transactions have to be connected with OTP approval of the individual mobiles or a password, so that all the transactions become completely safe
11. Banks could insure online transactions so that the consumer is not at a loss in case of a fraud or a hack
12. Annual fees charged by the bank for debit cards should be completely waived off
13. All government and semi-government institutions should be directed to accept card without any surcharge
14. Payment gateway companies Visa and MasterCard should be asked to reduce their processing charges on each transaction
15. The credit card companies should reduce the transaction fee charged from the merchants as the number of transactions increase
16. Government entities like RuPay and Bhim should be promoted so that the transaction costs could be lowered. more
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View all 102 comments Below 102 comments
I think before cashless system you must prepare ground for payments or deposit of cash in bank or other institution because POS machine are not provided in smaller shopkeeper in village area, suburban area ,networking are not available frequently , cyber crime also increases , low educated people are not using ATM card for payments due to crime . 2nd the people who are using card for payments are given facility by govt. and stop additional charges more
Nov 17
Remove upper caps on cash withdrawals at ATMs as the owner has right to his money. It should be made an offence if the merchant ask for mobile number of the cardholder. Once pos machine prints the receipt liability of cardholder ceases. Yet most shops demand mobile number. You buy from one shop and the pos machine prints a different shop name. This should be banned. A marketing strategy is to make gst only half for online payments. more
Nov 16
Is it not possible to provide Government centralized server for online transactions where one can deposit money periodically from bank and do his routine small transactions without charge . Government should provide such facility which will be free of cost . If want cashless system then we can do this . However total cashless system may prove troublesome one day . Some cash with smaller currency must be circulated in market always . more
Nov 16
Possessing POS machines should be a precondition for establishment of any business entity(small or big); Refusing to accept digital payment should be made a cognizable offence; Upper limit for cash transactions must be brought down to the barest minimum; All campaigns in this regard should be in local languages apart from in Hindi & English; Most of the government & semi-government entities do not have the system of accepting online payment of fees/taxes etc. Municipalities collect property tax only in cash. The month of March,2018 is fast approaching. Necessary instructions should be issued to all municipal corporations/councils to immediately introduce the facility of digital payment. more
Nov 07
