Professional Documents
Culture Documents
By
RAHUL TIWARI
1CD20CS105
Bangalore, India
October 2023
TABLE OF CONTENTS
1 Introduction To Digital 3
India
2 Meaning Of 100% 4
Digitized Transactions
3 Activities Conducted 5
5 Observations And 12
Learning
6 Attachments 15
7 Reference 17
INTRODUCTION TO DIGITAL INDIA
Digital India is a visionary program aimed at catapulting India into the digital age,
transforming it into a technologically empowered society and a thriving knowledge
economy. Launched on July 1, 2015, by the dynamic Indian Prime Minister Narendra
Modi, this initiative seeks to ensure that government services are easily accessible to
citizens through electronic means, leveraging an enhanced online infrastructure and
expanded internet connectivity.
This multifaceted endeavor comprises three central pillars:
1. Robust Digital Infrastructure: Digital India is committed to building a secure and
resilient digital foundation. It entails connecting even the remotest corners of the
country with high-speed internet networks, bridging the digital divide and
empowering rural communities with access to online resources.
2. Digital Government Services: The program aims to streamline government services
by delivering them digitally. This simplifies bureaucratic processes, making services
more efficient and convenient for the citizens. From obtaining documents to
accessing information, the government is harnessing technology to improve the lives
of its people.
3. Universal Digital Literacy: Digital India recognizes the importance of equipping
every citizen with digital skills. Promoting digital literacy is crucial in ensuring that
people can fully participate in the digital era, from accessing online education to
leveraging e-commerce opportunities.
As of December 2018, India boasted a population of 1.3 billion people, with 1.23 billion
Aadhaar digital identity cards and 1.21 billion mobile phones, including 446 million
smartphones. Internet users had surged to 560 million, marking substantial growth from
481 million just a year earlier. E-commerce had also seen remarkable expansion,
experiencing a 51% increase.
The Digital India initiative received international acclaim, garnering support from countries
such as the United States, Japan, South Korea, the United Kingdom, Canada, Australia,
Malaysia, Singapore, Uzbekistan, and Vietnam. At the launch ceremony of Digital India
Week in July 2015, leading CEOs from India and around the world pledgeda staggering
₹224.5 lakh crore (approximately US$3.0 trillion) towards this transformative endeavor.
Their investment commitment was aimed at facilitating the production of affordable
smartphones and internet devices in India, which, in turn, would stimulate job creation
within the country.
Furthermore, Digital India has played a pivotal role in advancing the interests of the Indian
Railways, underscoring its far-reaching impact on various sectors of the economy and
society as a whole.
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MEANING OF 100% DIGITISED TRANSACTIONS
In this landscape, digital transactions encompass a wide array of activities. From the simple
act of swiping a debit card at a retail store to the convenience of making online purchases,
these transactions have become an integral part of modern life. Similarly, the ease of
transferring funds from a mobile app to a bank account has redefined financial convenience,
offering speed, efficiency, and a hassle-free experience for consumers.
Crucially, digital transactions are not isolated occurrences. They are the result of a
collaborative effort among major financial institutions and various sectors within the
economy. This cooperation is essential for the smooth flow of funds and services in a digital
ecosystem where efficiency and security are paramount.
As the financial needs of investors and consumers grow increasingly complex, there is a
rising demand for user-friendly tools that simplify financial processes. To stay competitive
and meet this demand, financial institutions must expand their range ofdigitized
services. Automation and technology integration have become not just beneficial but
essential for business survival, especially as customers seek cost-effective alternatives to
traditional financial services.
Leading the charge in this digital revolution are fintech companies. They are the driving
force behind the transformation of the financial sector, digitizing various aspects of the
end-user's transactional experience. E-commerce platforms provide secure environments
for buyers and sellers to engage in digital transactions, while cloud services ensure data
accessibility and scalability. Crowdfunding gateways open doors for individuals and
startups to access funds, sidestepping some traditional banking constraints. Peer-to-peer
lending forums offer simplified borrowing and lending experiences, unburdened by
conventional banking complexities. Additionally, robo-advisors leverage data-driven
insights and algorithms to assist individuals in planning their financial futures, particularly
in the realm of retirement.
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ACTIVITIES CONDUCTED
Educate Consumers, many consumers are still wary about using digital payments, but if
companies can educate their customers on the security advantages of digital payments,
more consumers will be comfortable with the new form of payment. Consider displaying
signage in your business or using email marketing to explain to customers how digital
payments are much more secure than traditional transactions.
Banking Cards: Cards are among the most widely used payment methods and come with
various features and benefits such as security of payments, convenience, etc. The main
advantage of debit/credit or prepaid banking cards is that they can be used to make other
types of digital payments.
UPI: UPI is a type of interoperable payment system through which any customer holding
any bank account can send and receive money through a UPI-based app.
Mobile Wallets: A mobile wallet is a type of virtual wallet service that can be used by
downloading an app. The digital of mobile wallets stores bank account or debit/credit
card information or bank account information in an encoded format to allow secure
payments.
Internet Banking: Internet banking refers to the process of carrying out banking
transactions online. These may include many services such as transferring funds, opening
a new fixed or recurring deposit, closing an account, etc. Internet banking is also referred
to as e-banking or virtual banking.
Mobile Banking: Mobile banking is referred to the process of carrying out financial
transactions/banking transactions through a smartphone. The scope of mobile banking is
only expanding with the introduction of many mobile wallets, digital payment apps and
other services like the UPI.
Bharat Interface for Money (BHIM) app: The BHIM allows users to make payments
using the UPI application. This also works in collaboration with UPI and transactions can
be carried out using a VPA. One can link his/her bank account with the BHIM interface
easily. It is also possible to link multiple bank accounts.
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RESULTS AND FINDINGS
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OBSERVATIONS AND LEARNING
2. Increase financial and digital literacy: The recipients of government benefits are
usually low income with limited or no exposure to digital payments. Digital transfer
programs are typically rolled out at a fast speed, which means the recipients may find
it challenging to understand and access the digital tools. Governments can partner
with business and non-governmental organizations to create education campaigns
targeting specific capacity challenges through popular media channels among target
groups in local languages.
4. Learn from transaction failures: Factors that lead to transaction failures include poor
connectivity, the poor performance of a payment partner’s system, or a mismatch in
biometrics/identities due to the poor quality of biometrics captured at enrolment or the
matching algorithm.
5. Provide details about cash-out points: Given most of the transactions among digital
transfer program recipients may still require cash, it is important to provide Information
on cash-in and cash-out points. There is a need for governments and private sectors to
work together to come up with a common platform that maps cash- in and cash-out
points across various service providers.
6. Observe social distancing: Social distancing still needs to be observed in cash-in and
cash-out points to avoid the health and safety risks of overcrowd.
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Form link:https://forms.gle/zcPZyUp7X7DcgeKP6
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ATTACHMENTS
PICTURES:
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REFERENCES
[1] https://en.wikipedia.org/wiki/Digital_India
[2] Prakash, Amit. "Digital India needs to go local".
[3] The Hindu. Retrieved 26 February 2017.
[4] Mannathukkaren Nissim. "The grand delusion of Digital India". The Hindu.
Retrieved 26 February 2017.
[5] https://www.pwc.in/consulting/financial-services/fintech/dp/impact-of-the-covid- 19-
outbreakon-digital-payments.html
[6] https://www.investopedia.com/terms/d/digital-transaction.asp
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