Andhra Pradesh to amend law in quest to boost digital payments
The state government has tied up with financial services company Visa to introduce digital payment for a range of state-owned services from buses to LPG, according to a report in the Financial Express.
The Andhra Pradesh government is considering an amendment to the Shops and Establishment Act to boost digital payments over cash transactions, as per media reports.
The state government has tied up with financial services company Visa to introduce digital payment for a range of state-owned services from buses to LPG, according to a report in the Financial Express. The payment system would incorporate latest technologies such as Quick Response (QR) code and Near-Field Communication (NFC) to make payments easier and more efficient for businesses.
The government and global payment processor Visa’s collaboration has introduced contact-less cards, using Bharat QR, for availing 18 buses of the AP State Road Transport Corporation.
The process can be followed to pay for electricity bills, water tax, or booking LPG cylinders.
The state and Visa have signed an MoU and they will hold awareness campaigns to get more merchants and consumers into the digital payment fold.
As part of the government’s Vizag Digital Dhan Sankalp (VDDS) project, the payment service has been activated for property and water tax payments at Greater Visakhapatnam Municipal Corporation, state-run APSRTC bus service, and utility services of Eastern Power Distribution Company of AP Ltd, the Economic Times reported.
All in all, the main aim of the digital drive is to turn Visakhapatnam into India’s first “less–cash” city as well as a Fintech valley.Visa has told The Economic Times that the legal amendments, as being considered by the government, will make way for other kinds of payments such as educational institutes, small merchants and street vendors, etc.