Cashless Society – Digital Payments, Demonetization, etc.

[pib] Better Than Cash Alliance (BTCA)


From UPSC perspective, the following things are important :

Prelims level: BTCA

Mains level: Digital banking facilitation measures

The Union Ministry of Finance and UN-Based Better Than Cash Alliance (BTCA) organized a joint Peer learning exchange on fintech solutions for responsible digital payments at the last mile.

Make a note here that it is a BTCA is a global partnership with diverse funding, a UN office as its secretariat and Indian being its member.

Better Than Cash Alliance

  • The BTCA is a global partnership of 75 governments, companies, and international organizations that accelerates the transition from cash to digital payments in order to reduce poverty and drive inclusive growth.
  • The United Nations Capital Development Fund serves as the secretariat. It was created in September 2012.
  • The Alliance is funded by the Bill and Melinda Gates Foundation, Citi, MasterCard, Omidyar Network, USAID, and Visa Inc.
  • By the time it launched, the program was already being rolled out in Peru, Kenya, Colombia, and the Philippines.

India and the BTCA

  • India became a member of the alliance in 2015 to digitize payments to achieve financial inclusion and to share success stories from Pradhan Mantri Jan Dhan Yojana, the world’s largest financial inclusion program.
  • The alliance is working with several state governments towards the goal of building knowledge and programs where people, governments, and businesses can make and receive digital payments.

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