Home / Knowledge / News / Apparel/Garments / Traders to intensify adoption of digital payments
Traders to intensify adoption of digital payments
05
Dec '16
Adoption of digital payments in their existing business format would be intensified by traders from all over India. This would be done in pursuance of the call made by prime minister Narendra Modi to adopt digital payments, and also as a preparatory step ahead of the implementation of GST, which has electronic payment as one of its core fundamental.

More than 300 trade leaders from 26 states attended a two-day 'Less Cash India Summit' in New Delhi, organised by the ?Confederation of All India Traders (CAIT).

Addressing the summit, department of industrial policy and promotion secretary Ramesh Abhishek emphasised that merchants and traders are at the forefront of demonetisation effort and called for meaningful engagement and incentives to aid businesses in digital adoption. “The Government has been on the forefront of enabling a less cash economy. The move to incentivise cashless transactions and drive acceptance through installation of point of sale (POS) machines, low cost acceptance infrastructure, and rationalisation of merchant discount rate will enable the movement further,” he said.

“We are well aware that India is traditionally a cash-based economy, with the value of physical currency in circulation estimated to be over 11 per cent of GDP, highest in 16 years and within BRICS nations. China has seen a steady decrease in the ratio over the last 16 years (now at roughly 9 per cent), with Russia to be at 9 per cent and Brazil to be at 3 per cent,” said CAIT secretary general Praveen Khandelwal.

Only 10 per cent of population in India is involved in cashless transactions, compared to Sweden (97 per cent), Belgium (93 per cent), France (92 per cent), Canada (90 per cent) and UK 89 (per cent), according to CAIT research.

India has one of the lowest card swiping machine numbers per capita, worldwide. Data indicates it has some 690-odd terminals per ten lakh people. Even among emerging economies this is very low, with China having some 4,000 terminals per ten lakh people and Brazil having almost 33,000 terminals per ten lakh population.

To promote the adoption of electronic payments by the trading community, CAIT will organise over 150 seminars, conferences, round-tables and workshops in over 30 cities across different states reaching out to over 20 lakh traders, the traders body said. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 28th Oct 2020

Ascent to full recovery likely to be long, uncertain: IMF

The ascent to a full economic recovery will likely be long, uneven...

Pic: Shutterstock

Textiles | On 28th Oct 2020

Pak trade bodies demand duty-free cotton yarn export

Pakistan's value-added textile exporters have urged the government to ...

Pic: Shutterstock

Retail | On 28th Oct 2020

C&A avoids over 116,000 metric tons of GHG emissions

During 2019, C&A avoided more than 116,000 metric tons of greenhouse...

Interviews View All

Karan Suratwala, Key Textile Accessories Private Limited

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Top executives, Textile industry

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Top executives, Textile industry

Top executives
Textile industry

The foremost issue is bridging the skill gap

Michael Van Den Dolder,

Michael Van Den Dolder

Family-owned German textile machinery manufacturer Trützschler operates...

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Saad Khaled Bari,

Saad Khaled Bari

Benetex Industries is a public ltd company established in year 1992 to...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Larry L Kinn, Suominen Corporation

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search