The Digital Adaption Of India through New Age Technologies

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The Digital Adaption Of India through New Age Technologies. XPAY.LIFE Presented by

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The digital transaction includes any financial transaction through the electronic modes which increase the adaptability of the ‘less-cash” economy that “Digital India” Is aiming at. Any transaction through the debit or credit card is called a digital payment. But in the past few years especially after the demonetization act which brought about a massive transformation in the bill payment sector for Easy bill payment Online. As the robust infrastructures the regulatory by the government of India initiated BHIM UPI under Bharat Billpay which is a RBI initiated NPCI driven entity that is transforming the bill payment sector by providing a one-stop-facility to all the bill payment sector by having the all the agent institutions billers under one roof.

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According to the “Payment and Settlements Systems in India: VISION 2018 promotes the vision statement by focusing on Building the best of class payment and settlement systems through responsive regulations robust infrastructures customer-centric through the contextual approach and the effective supervision of all the formats for an effective and secure “less-cash” India and the  Best electricity bill payment online  and other bill payments. Hence the Bharat Billpay is an initiative by the government hat is providing an interoperable single platform to facilitate bill payment across geographies in the most secure channel. hence all the major banks billers the gent institutions and the aggregators were brought under one of and operated through the Bharat Billpay operating unit that provided a robust model for the digitization of the physical cash and to  pay water bill online  in a secure manner.

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With the increasing influx of the smartphones that came as a graceful solution with Low service delivery cost easy data access and an unorganized payment sector that was highly fragmented a push from the new regulatory by inviting new innovations and the mobile bill payment service providers helped in uplifting the digital systems to a higher level in India by supporting the digital economy through utility bill payments like  Postpaid Mobile Bill Payment online But there was a colossal challenge in including the rural part of Indis into the digitization stream as it seemed like a herculean task to create digital awareness and the importance of innovating new-age technologies for the village e-commerce and the bill collection from these remote places was a challenge after the Saubhagya yojana initiated by Honorable prime minister Narendra Modi. Hence there was a need for innovation that understood the cash preference of rural India and needed to follow a contextual purpose that would reduce the gap between the urban and rural India.

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In this approach the XIPHIAS XPay Life Pvt Ltd is a start-up in India whose innovation ha garnered interest from the NPCI national payment corporation Of India and BBPS Bharat Bill Payment System by expanding the bill payment sector through the different modes like mobile application web Any-time-payment Kiosk POS machines and Mobile Vans for facilitating  Bill Payment for Gas  both in online and offline modes.How is the innovation helping rural India The touch-screen ATP kiosk is an innovation that accepts cash as a bill payment mode while making a multi-utility bill payment. This provides the rural people the freedom to choose the cash for bill payment and makes the whole transaction digital. But how to reach this innovation to the people. These kiosks are strategically placed in ICICI bank ATMs and other places all across India. This is aiding the 35 of the urban population that still prefers cash to  pay landline bills  or any other financial transaction.

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