What is the impact of AIIMS-Delhi Smart Card on payment system in India
The AIIMS-Delhi Smart Card aims to cover all payments and eliminate the need for cash transactions starting from April.
The AIIMS-Delhi Smart Card is expected to have a significant impact on the payment system in India. Here are some of the key points regarding its influence:
- Elimination of cash transactions: The smart card aims to eradicate the need for cash transactions, promoting a cashless economy and reducing the risks associated with handling physical currency.
- Increased convenience: With the smart card, individuals can make payments seamlessly, without the hassle of carrying cash or dealing with loose change. It provides a convenient and efficient mode of payment.
- Enhanced security: The smart card utilizes advanced technology, offering secure transactions and reducing the risk of theft or fraud compared to cash transactions.
- Improved record-keeping: The smart card system maintains a digital record of all transactions, enabling better tracking and analysis of payment patterns. This data can be utilized to drive financial planning and better governance.
- Promotes financial inclusion: The AIIMS-Delhi Smart Card aims to serve a wide range of individuals, including those without traditional bank accounts, enabling them to access various services and engage in digital transactions.
Answered
a year ago