India moves up 8 spots in e-payments adoption ranking

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Mains Paper 2: Governance | Government policies and interventions for development in various sectors and issues arising out of their design and implementation.

From UPSC perspective, the following things are important:

Prelims level: Government E-Payments Adoption Ranking

Mains level: India’s progress in facilitating cashless transactions.


News

Government E-Payments Adoption Ranking

  1. Visa, a global leader in payments technology has announced that India ranked 28th among 73 countries in the 2018 Government E-Payments Adoption Ranking (GEAR) study.
  2. The 2018 GEAR, an Economist Intelligence Unit (EIU) global Index and benchmarking study commissioned by Visa, ranks governments by quantifying their e-payment capabilities based on various indicators.
  3. This is up from 36th rank in 2011, reinforcing the country’s progress towards digital transformation.
  4. This is the third edition of the study after those in 2007 and 2011.

India’s Progress

  1. Insights from this study will help India to build infrastructure and deploy electronic payment products and services.
  2. India leads the Business to Government category, along with Australia, Singapore and South Korea.
  3. The category refers to the ease with which businesses can calculate and make their tax payments, register and renew their registrations online and digitally calculate their pension fund contributions, thereby making those payments on a periodic basis.
  4. At the same time, by simplifying refund and loan application processes, businesses can track status digitally.
  5. Again coupled with dedicated digital portals to submit proposals for government procurement services, India leads the Government to Business category as well.
Digital India Initiatives
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