To motivate digital payments N. Chandrababu Naidu proposed insurance for all digital transactions to safeguard the interest of people going cashless.
The Committee of Chief Ministers (CMs), formed to get ready the roadmap for quick adoption of digital payment methods
Mr. Naidu suggested insurance for all digital transactions to protect the interest of people planning for cashless.
Outlining the restrictions being confronted by the govt to promote digital transactions, the panel mentioned there is a need to bring about attitudinal switch amongst individuals to motivate them to move for cashless transitions via training.
The panel has also driven attention in direction of other constraints like lack of hardware with merchants like (digital payment) acceptance infrastructure.
It also emphasized on the need for enhancing the Internet connectivity and data infrastructure to boost digital transactions.
Mr. Naidu also talked about the shortage of interoperability of various modes of digital payments and cyber security for the objective.
Furthermore, Naidu also advised that there must be a regulation to accommodate digital transactions.
The panel has also requested the Centre to devise suitable digital payment mode for high-value transactions and also showed worries that digital transactions are costlier than cash ones.
