The Google team, Jaitley stated, saw immense potential in tapping the digital payments market, and was very keen in helping finding alternatives to cash payment.
Union Finance Minister Arun Jaitley on Monday stated that digitization was given a nudge as many adopted to it out of compulsion rather than convenience, which eventually developed a habit.
"After the November 8 demonetization drive, many went in for digitisation out of compulsion rather than convenience, which eventually created a habit. We attained a peak growth figure, which, although has seen a marginal slip, will pick up again. In addition to UPI and other measures, there will be a major advancement in the shift to a cashless economy, and will reflect upon the spending habit of people",he said while speaking at the launch of Google's Tez digital payment app.
A lot of people went in for digitisation in terms of mode of payment more out of compulsion rather than finding it a more convenient method to transact, but that compulsion created a habit for many, he said after the launch of a mobile app for digital payments developed by Google for India.
"We reached a peak figure (after the demonetisation), then it marginally slipped and is now bound to pick up again," he said.
Built on the government-supported Unified Payments Interface (UPI), Tez allows users, free of charge, to make small or big payments straight from their bank accounts, Google said.
The app was built for India, working on the vast majority of the country s smartphones, and is available in English and seven Indian languages (Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu).
"Now, the time has come with application as simple as this that what started as compulsion becomes a matter of convenience and eventually a matter of spending habit as far as Indian people are concerned," the finance minister noted.
The app is available now for download on Google Play (Android) and the App Store (iOS).
While the notebandi came as a shock to many, Jaitley said that the debate has seen a drastic involvement over the last few months. Most importantly, there has been a squeeze in the volume of high currency denominations, and is projected to continue in the natural course of the economy.
Earlier, the need for finding alternatives to a high cash economy was not at the center of our economic agenda, and was not taken very seriously and discussed in Parliament. We got into the habit of living in a high cash economy and paid the costs involved, said Jaitley.
"There are three ways in which I see the analysis-the volume of cash being printed by the Reserve Bank of India (RBI); how much of an increase is witnessed in digital transactions; and how much are we able to expand tax assesses and bases of direct and indirect taxes," he added.
The Google team, Jaitley stated, saw immense potential in tapping the digital payments market, and was very keen in helping finding alternatives to cash payment.
"Technology evolution has made the app the simplest form of monetary transaction. With the need to find alternative solutions to cash transactions, the Google team was very keen on exploring this and saw immense potential," he said.
Google on Monday launched its "Make in India" digital payments App 'Tez' for consumers to ease the simplicity of banking transactions.
The app comes with enhanced security features, which secures account details, phone and UPI details. It also supports spam detection feature that can help cut down fraudulent activities.
Tez users can also book and pay for tickets through the app to Redbus, order food, and so on.
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