Arun Jaitley, the Finance Minister, claimed this week that digital payments is swiftly taking the place of cash being a major instrument for payments with a range of government proposals to formalize the economy. This has thus boosted the global online payments market.
“We had more or less prepared to accept to the fact that the financial system might be considerably informal. It is only on its own power that it will take time, perhaps centuries, to formalize itself and that no unexpected result from the system was needed,” Jaitley claimed to the media in an interview.
“And that on its own speed might have taken an imprecise long period and we might have all waited till the cows were replaced by the paper money and then formalize the system. But then various policy proposals that the government took uninterrupted have set off a series of events and that series of events is noticeable in different methods,” he claimed further.
After inaugurating the Paytm Payments Bank the finance minister also noted that tech has modified the whole dynamics of how the banking is carried out in the nation. “Previously, we thought of banks as brick and mortar stores. In fact, my alliance in politics is still rationally behind ages. I still get demonstrations from my colleagues at the time of Parliament session who only demand physical branches to be started in their areas,” he claimed.
Cash being the major instrument is steadily altering, he claimed. “We all are realizing that security, convenience, and even proprietary remain in substitution itself,” he claimed. He further added that the conservative mind will discover it very hard to believe this, but then the entire mass under itself will modify and only remote cases will discovered themselves as an exemption.
Renu Satti, the CEO of Paytm Payments Bank, claimed, “Paytm Payments Bank is the biggest technology-led and mobile-first bank of the country. By the intention of reaching every corner and nook of the nation, we will be allowed to convey the big under-served and un-served population to the conventional economy. We are pledged to providing the safe, most transparent, and trusted banking to people.”