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Digital payments up nearly 23 times since the November 8 Demonetisation: Government

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Digital Transaction. Pixabay

New Delhi, April 13, 2017: There has been nearly 23-fold increase in the number of digital payments since the November 8 demonetisation, the government said on Thursday.

The transactions using various digital payment modes went up to 63.80 lakh with a total transaction value of Rs 2,425 crore till March this year, as against 2,80,000 transactions and Rs 101 crore till November 2016, a NITI Aayog statement said.

The number of Aadhaar-enabled payments also increased from 2.5 crore in November 2016 to over five crore in March 2017.

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“BHIM App has already created a new world record by registering 1.9 crore downloads in just four months since its launch in December,” it said.

Following the demonetisation of Rs 500 and Rs 1,000 notes on November 8, 2016, the government had launched DigiDhan Melas led by the National Institution for Transforming India Aayog in 100 cities to promote digital payments.

“At least 15,000 institutions have gone cashless across these 100 cities in 27 states and seven Union Territories.

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“With a turnout of over 15 lakh from cities, small towns and villages, the melas have enabled lakhs to open new bank accounts as well as create new Aadhaar cards,” the statement said.

Modi had in December 2016 launched BHIM (Bharat Interface for Money) app, an Aadhaar-based mobile payment application to promote and make digital transactions easier. (IANS)

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Governments Need to Regulate Technology, Says Apple CEO Tim Cook

In the US, PAC is an organisation that pools campaign contributions from members and donates those funds to campaigns for or against candidates, ballot initiatives or legislation

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Apple, Tim Cook, Campus, China
Apple CEO Tim Cook discusses the new Apple iPhones and other products at the Steve Jobs Theater during an event to announce new products in Cupertino, California. VOA

Apple CEO Tim Cook believes that governments need to regulate technology in order to ensure data privacy for common people.

“Technology needs to be regulated. There are now too many examples where the no rails have resulted in a great damage to society,” The Verge quoted Cook as saying during the Time 100 Summit in New York City.

“We all have to be intellectually honest, and we have to admit that what we’re doing isn’t working,” he added.

In a bid to explain to US-based lawmakers what he meant, Cook cited the example of General Data Protection Regulation (GDPR) data privacy rules in Europe.

ipad, Apple, iphone XR
Apple CEO Tim Cook speaks during an event to announce new products, Oct. 30, 2018, in the Brooklyn borough of New York. VOA

“Europe is more likely to come up with something. GDPR is a step in the right direction,” Cook said, adding “We are advocating strongly for regulation – I do not see another path at this point.”

However, for improving data privacy, he said he does not promote going overboard with depending on the government or leveraging the government with favours and cited Apple as an example.

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“We cannot look for the government to solve all of our problems. Apple doesn’t have a Political Action Committee (PAC) and I refuse to have one because it shouldn’t exist. The company donates zero to political candidates,” Cook noted.

In the US, PAC is an organisation that pools campaign contributions from members and donates those funds to campaigns for or against candidates, ballot initiatives or legislation. (IANS)