- Recently, the Union Ministry of Finance and UN-Based Better Than Cash Alliance (BTCA) organized a joint Peer learning exchange on fintech solutions for responsible digital payments at the last mile.
About Better Than Cash Alliance
- The BTCA is a global partnership of 75 governments, companies, and international organizations that accelerates the transition from cash to digital payments in order to reduce poverty and drive inclusive growth.
- The United Nations Capital Development Fund serves as the secretariat.
- It was created in September 2012.
- The Alliance is funded by the Bill and Melinda Gates Foundation, Citi, MasterCard, Omidyar Network, USAID, and Visa Inc.
- By the time it launched, the program was already being rolled out in Peru, Kenya, Colombia, and the Philippines.
India and the BTCA
- India became a member of the alliance in 2015 to digitize payments to achieve financial inclusion and to share success stories from Pradhan Mantri Jan Dhan Yojana, the world’s largest financial inclusion program.
- The alliance is working with several state governments towards the goal of building knowledge and programs where people, governments, and businesses can make and receive digital payments.
India and Digital Payment
- The Digital Payment Infrastructure established by Government of India including Jandhan accounts, Aadhaar and Mobile phone (JAM) was put to excellent use during the pandemic. The Government of India has taken several initiatives to foster innovation and adoption of technology to bring in greater inclusive growth. Globally, India is being viewed as a model in implementing initiatives where the barrier to technology is at its lowest ever.
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