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PERSPECTIVES ON DIGITAL CURRENCY

Apr 14, 2011

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Migration Watch: Online Payments in India

Over the last few years, India has taken giant strides towards accepting electronic payments to cut their costs and give their customers a more secure, convenient and reliable alternative. This momentum has been observed across private and public institutions.

Indian Railways is a good example of a massive state-run entity that is rapidly adopting card payments, particularly online, to reduce the interminable lines at train stations across the country. Today, more than a quarter of a million tickets are sold online every day. It’s a true win-win, since customers save time by not standing in long queues waiting to book tickets and Indian Railways saves rupees every time a ticket is sold through its eCommerce site.

Recently, there was more encouraging news with Information Kerala Mission, the state’s e-governance authority, announcing that citizens of Thiruvananthapuram in the Indian state of Kerala can chose to pay their property taxes online through debit and credit cards. This pilot program will expand to six other cities later this year and is the first phase in the agency’s program enabling electronic payments for professional taxes and other government services. In the words of Sajjad Bhayani, owner of Asiatic Dry Fruits, who we met during our visit: “The new generation, they are all carrying cards. It’s the future.” We couldn’t agree more!

Posted by: Uttam Nayak, Group Country Manager, Visa Inc. on April 14, 2011 at 4:39 pm