CAIT Current Affairs - 2019

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Team Cashless India: Mastercards’ campaign to promote digital payments in India

Payment technology major Mastercard along with its brand ambassador MS Dhoni launch a nationwide campaign dubbed as ‘Team Cashless India’ to accelerate the acceptance and adoption of digital payments in India.

The Team Cashless India’ is in line with government’s ‘Digital India’ vision and is an important step towards Mastercard’s goal to equip 10 million merchants in India with digital payments acceptance capabilities by 2020.

About ‘Team Cashless India’ campaign

Objective:

  • To bring consumers and merchants on board to forefront of digital payments dialogue.
  • To encourage Indian citizens to nominate one or more merchants who currently do not accept digital payments to go digital.

Participants: Mastercard will work together with Confederation of All India Traders (CAIT), acquirer banks and fintech (Financial technology) companies to support nominated merchants to deploy digital payments acceptance infrastructure. CAIT is apex body of India’s trading community.

For the initiative, CAIT will provide necessary scale and reach via on-the-ground outreach to merchants. Moreover, the payment facilitators and partner banks will work with merchants to install digital payments infrastructure at points of sale (POS).

Process Followed:

To take part in ‘Team Cashless India’, any individual can either nominate a merchants online or can give a missed call to ‘9016861000’.

An outreach program across multiple cities will be conducted by Mastercard to educate merchants on benefits of accepting digital payments as well as to provide a platform for consumers to nominate merchants. Mastercard will also provide select nominated merchants and consumers with a chance to join Mahendra Singh Dhoni’s Team Cashless India.

Moreover, M.S. Dhoni will interact with merchants and encourage them to ‘bat’ for a cashless India by accepting digital payments to further garner support of merchants for this digital movement.

Benefits:

It promotes the idea of a less-cash economy. Digital payments benefits small merchants in several ways like lower cost of managing cash, safety and security of money and credit history that opens avenues for more business.

Nominations are expected to create a social movement for making India a cashless society.

Renaming of Department of Industrial Policy and Promotion (DIPP)

The Department of Industrial Policy and Promotion (DIPP) has been renamed as the Department for Promotion of Industry and Internal Trade.

Mandate for the Newly Named Department

The newly named department will work under the Union Ministry of Commerce. The order issued by the President states that the department would deal with matters related to start-ups, facilitating ease of doing business among others.

The subject matter of internal trade which was under the ambit of the Ministry of Consumer Affairs has been transferred to the newly named department.

With this new mandate, both internal and external trade has been brought under a single Ministry (Ministry of commerce and industry). This will ensure better coordination and help in promoting the growth of both segments of the trade.

Why the new mandate?

For a long time Confederation of All India Traders Association (CAIT) was demanding for a separate Ministry of Internal Trade. CAIT sees the creation of a separate department by merging Internal and external trade is a step forward in the creation of a separate Ministry.