Go Cashless – The 8 #DigitalBenefits of Cashless Transactions

Touted as one of the biggest governmental reforms ever, Demonetization has put brakes on an economy with cash transactions and paved way for a digital life.

The ban on Rs 500 and Rs 1000 notes have made people take up the cashless mode for everyday transactions. The boom of POS machines, mobile wallets, and card payments all point to the fact that we aren’t far away from realizing the dream of a cashless economy.

While most of the Tier-I cities have gradually made their move towards cashless payments, Tier-II and Tier-III cities still face the crunch of inadequate facilities and sophistications to turn to a digital way of living.

To counter this problem, the Prime Minister of India, Shri Narendra Modi took to Twitter to announce benefits for people making a push to go digital.

Go digital, get benefits. pic.twitter.com/sSMOuhFSlt

— Narendra Modi (@narendramodi) December 9, 2016

Trending with the hashtag #DigitalBenefits, these are the benefits announced by the Government of India for making cashless India a reality.

1. Digital Payments to get 0.75% Discount at Central Government Petroleum PSUs

There will be a discount of 0.75% on payment through cards or other modes of digital payments at Central Government Petroleum PSUs like Bharat Petroleum.

2. 10% Discount on Toll Payments Using RFID/Fast Tags

The Government has announced a discount of 10% for toll payments at National Highways across the country when payment is made using RFID/Fast Tags.

3. Discount of 0.5% on Seasonal Train Tickets and Accidental Insurance up to Rs 10 Lakh

From 1st January 2017, monthly and seasonal train tickets on suburban railway networks would have a 0.5% discount when payment for the same is made digitally. Also, there would be an accidental insurance of up to Rs 10 lakh on booking online tickets at Indian Railways.

4. No Service Tax on Digital Charges up to Rs 2000 per Transaction

There would be no service tax of any kind on digital transactions or MDR payments up to Rs 2000 per transaction.

5. Up to 10% Discount on Insurance Premiums at Public Sector Insurance Companies

The Government of India gives a discount or credit up to 10% on Insurance Premiums bought through customer portals of Public Sector Insurance companies like LIC India and General Insurance Corporation of India. The payment for these premiums has to be done digitally to get discounts or credits.

6. Rupay Kisan Cards for Kisan Credit Card Holders

The Government in association with NABARD is planning the issue of Rupay Kisan Cards to 4.32 crore Kisan Credit Card Holders through Rural Regional Banks and Cooperative Banks.

7. POS Devices to be made available in 1 Lakh Villages

2 POS devices each will be deployed to 1 lakh villages that have a population less than 10,000. The Government plans to extend the financial support for this scheme through NABARD.

8. Central Government Departments and PSUs to Bear Digital Payment Transaction Charges

The transaction charges for all digital payments will be borne by Central Government Departments and PSUs. State Governments have also been instructed to do the same on all payments made digitally.

It’s time to join hands to fight corruption and black money once and for all. #GoCashless India!