NT NETWORK
PANAJI
Encouraging Aadhar Enabled Payment System (AEPS) for transfer of funds, the state government, in its effort to promote cashless transactions in the state, following the November 2016 demonetisation of the then existing high value currency notes, will try to raise the percentage of online payments in its transactions, especially in the revenue receipts, during the next financial year.
Coming out with this information, Finance Secretary Daulat Hawaldar said that presently the government has achieved up to 70 per cent online payments in its transactions in the revenue receipts. “After the Goods and Service Tax (GST) regime is rolled in from July 1, 2017, we would be able to achieve up to 85 per cent online payments in the revenue receipts,” he added, stating that GST will bring in 70 per cent of the total state revenue.
Speaking further, the Finance Secretary informed that the state has already achieved 100 per cent electronic transfer payment through the bank accounts, long back, replacing not only cash payments but also cheque payments.
Meanwhile, the government, in a move towards cashless banking has adopted a five-pronged strategy, which includes extensive use of point-of-sale (POS) system, with the member banks having to acquire merchants in rural areas, install POS machines, and encourage B2C transactions, which stand for business-to-consumer transactions and form a process for selling products directly to consumers.
This strategy will further encourage use of e-wallet, both for B2C transactions and C2C transactions, which stand for customer-to-customer transactions or consumer-to-consumer transactions, and form a business model that facilitates the transaction of products or services between customers. Furthermore, it will support extensive use of Unstructured Supplementary Service Data (USSD) technology on feature phones to transfer funds through Immediate Payment Service (IMPS); enhance the usage of Unified Payment Service (UPI) on smart phones; and encourage Aadhar Enabled Payment System (AEPS) for transfer of funds.
Meanwhile, the government admitted that although the post-demonetisation situation was handled by all the banks in Goa very efficiently, the supply of currency was not adequate. Coming out with this observation in the state Economic Survey 2016-17, it has been further informed that the ATM recalibration work in Goa has been completed to the extent of 75 per cent.
“The banks have already commenced a survey across Goa to map the number of vendors present in the state,” the state Economic Survey maintained, stating that the vendors carrying out financial transactions would be brought under the e-payment mode. “The state government has also initiated a consumer education drive in collaboration with all the banks in Goa, as also asked all its departments to identify cash collection points within the government so that cash transactions can be prepared for e-payments,” it noted.
Furthermore, as part of the ongoing drive for cashless transactions, small and medium-sized unorganised/ self-organised businesses and traders in Goa are to be brought on digital payment platform.
Incidentally, the government, in its budget speech has already announced that with the aim to offer cashless transaction facilities to all those staying in Goa Tourism Development Corporation residencies, it proposes to start bookings through Web Portal, Mobile Apps on IOS, Android Platforms and through the medium of United Payment Interface, for which necessary technical infrastructure would be set up, before the start of next tourist season.