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Prime Minister Narendra Modi announces lucky draw schemes for people who use Digital Payment methods

Modi also announced 'Digi Dhan Vyapar Yojana' which will only be for traders to promote cashless business

Prime Minister of India Narendra Modi.(Representational image) Wikimedia

New Delhi, December 25, 2016: Prime Minister Narendra Modi on Sunday announced lucky draw schemes for people who use digital payment methods including e-banking, mobile banking and e-wallets.

In his monthly radio address to the nation ‘Mann Ki Baat’, Modi on the occasion of Christmas said 15,000 people who use digital payment modes will be given a reward of Rs 1,000 each by a lucky draw under ‘Lucky Grahak Yojana’. This amount will be transferred to their accounts.

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“This scheme will last for 100 days (from Sunday). As such lakhs of people will get crores of rupees,” Modi said.

The Prime Minister said there will be one big draw every week with winning price in lakhs.

“On the occasion of Ambedkar Jayanti — April 14, 2017 — we will be conducting a bumper draw in which the winning price will be in crores.”

To promote cashless business among the traders across the country, Modi also announced ‘Digi Dhan Vyapar Yojana’ which will only be for traders.

Modi also announced tax rebate for the traders doing cashless business.

“To encourage cashless business in the country, the government has taken a major decision. All businessmen adopting digital transactions will get rebate in income tax,” Modi announced in the 27th edition of ‘Mann Ki Baat’.

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The Prime Minister appealed the traders to join the schemes and also encourage people to adopt cashless transactions.

“This scheme is to benefit all sections especially poor and lower middle income groups. Hence, only transactions between Rs 50 and Rs 3,000 will be rewarded,” Modi said.

Modi said that even poorest of the poor through USSD (unstructured supplementary service data ) can use ordinary feature phone for digital transactions and become eligible for reward scheme. In rural areas people can use AEPS (Aadhaar Enabled Payment System) for digital payments.

Modi added that people would be able to take benefit of these schemes only if they use mobile banking, e-banking, RuPay cards, USSD, Unified Payment Interface (UPI) or other digital payment modes.

He said that there has been tremendous increase in awareness about digital transactions, cashless business.

“In the last few days, cashless business has seen 200 to 300 per cent rise. I am sure people will enthusiastically participate in these schemes,” Modi said.

Modi also lauded the efforts of all the states and Union Territories for promoting the campaign of cashless trading and digital transactions.

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“I was told that Assam government has decided to give 10 per cent rebate on property tax and ‘vyapar lisence fee’ if paid through digital transactions. I congratulate Assam government for such initiatives,” PM said.

Modi said that out of 30 crore RuPay cards, 20 crores cards belong to poor families.

“These 30 crore people can join this reward scheme right away. We should be at the forefront of using digital means to make payments and transactions,” he added. (IANS)

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Mobile Banking Becomes Main Personal Banking Channel in Singapore

Mobile banking is growing for a reason - it comes with numerous benefits. Customers get to enjoy easier transactions, increased flexibility in keeping track of finances among others.

Mobile banking
Virtual banking is becoming the go-to option for many customers in Singapore. Flickr

Digitization is revolutionizing the personal banking sector, with mobile banking experiencing a 15% jump over the last 12 months, as noted by Telecomasia. In fact, mobile banking now beats branch banking by transaction volume and new customer adoption in Singapore. Mobile is entering a revolutionary and rapid phase with regions like South East Asia and Africa becoming the main driver of this trend globally. Banks, in particular, are putting a lot of effort to leverage mobile technology to remain competitive.

Despite the rising popularity of mobile banking, banks need to fully transform before Singapore can be considered a mobile-driven digital economy:

Mobile banking
Bank of India. Flickr

Dedication to Improving User Experience 

Up to 46% of mobile banking users have reported issues when using their mobile banking app which the finance customer service industry are invested in improving. From logging problems to long loading times and even security issues, the personal banking sector understands the value in improving user experience. Loyal customers who save money each month via mobile apps are motivated by banks who embrace the enhancement of digital services, and who place their valuable customers at the center of their transformation. This not only improves their reputation, but also deepens overall customer relationships.

Building Trust and Brand Confidence is Top Priority

Personal banking is all about offering quality services to consumers in a convenient and effective way, and mobile banking falls perfectly in this category. But to achieve meaningful gains, building trust and brand confidence has to be a top priority for banks, as 41% of bank customers who are yet to switch to mobile banking apps cite trust and security as their main concern. Additionally, customers are faced with numerous choices in the market, combined with Fintech disruptions in the industry. To build trust, banks need to focus on developing mobile banking platforms that assure customers of secure, fast and efficient banking at all levels.

mobile banking
Despite the rising popularity of it, banks need to fully transform before Singapore can be considered a mobile-driven digital economy. Flickr

Virtual Banking is the Way to Go

Virtual banking is becoming the go-to option for many customers in Singapore. With mobile wallet use on the rise, more bank customers are expected to opt for multiple mobile banking apps to suit their specific financial needs. From Apple Pay that makes shopping online convenient to NetsPay that allows you to make digital payments via top banks in Singapore, virtual banking is expected to be the next frontier of growth in the personal banking sector. This is evident as we continue to see the emergence of more mobile banking solutions and e-wallets, with financial institutions adopting innovative digital banking technologies that make life easier to end customers.

Mobile banking is growing for a reason – it comes with numerous benefits. Customers get to enjoy easier transactions, increased flexibility in keeping track of finances, convenient monitoring of all transactions, more efficient bill payments, saved time and money spent on visiting bank branches, among others. Despite the industry facing a few challenges, mobile banking is expected to remain the leading personal banking channel in Singapore.