Cashless Society – Digital Payments, Demonetization, etc.

[pib] Better Than Cash Alliance

Note4Students

From UPSC perspective, the following things are important :

Prelims level : Better Than Cash Alliance

Mains level : Not Much

The Government of India, FICCI, and the Better Than Cash Alliance has come under the partnership to achieve the industry level commitment of responsible digitization of merchants.

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 Better Than Cash Alliance 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.
  • It was created in September 2012 by the United Nations Capital Development Fund (Secretariat), the US Agency for International Development, the Bill & Melinda Gates Foundation and Visa Inc. among others.
  • Based at the UN, the Alliance has over 50 members, works closely with other global organizations, and is an implementing partner for the G20 Global Partnership for Financial Inclusion.
  • India became a member of the alliance in 2015 to digitize payments to achieve financial inclusion and to share success stories from PM Jan Dhan Yojana, the world’s largest financial inclusion program.

Working method

The Better Than Cash Alliance partners with governments, companies, and international organizations that are the key drivers behind the transition to make digital payments widely available by:

  1. Advocating for the transition from cash to digital payments in a way that advances financial inclusion and promotes responsible digital finance.
  2. Conducting research and sharing the experiences of our members to inform strategies for making the transition.
  3. Catalyzing the development of inclusive digital payments ecosystems in member countries to reduce costs, increase transparency, advance financial inclusion– particularly for women– and drive inclusive growth.
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