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What is the News?
Merchant Digitization Summit 2021 organized towards Atma Nirbhar (Self Reliance) Bharat.
About Merchant Digitization Summit:
- Organized by: Government of India, Federation of Indian Chambers of Commerce and Industry (FICCI), and UN-based Better Than Cash Alliance
- Purpose: It aims to bring together leaders from the public and private sectors. It will accelerate the responsible digitization of merchants in India’s North-Eastern, Himalayan regions, and Aspirational districts.
- Target: India has set an ambitious target for 1 billion digital transactions per day. At present, an average of 2-3 billion digital transactions takes place in a month.
About Better Than Cash Alliance:
- Purpose: Alliance established in 2012. It is a partnership of governments, companies, and international organizations. Its main aim is to accelerate the transition from cash to responsible digital payments.
- Launched by: United Nations Capital Development Fund (UNCDF), United States Agency for International Development, the Bill & Melinda Gates Foundation, Citigroup, Ford Foundation, Omidyar Network, and Visa Inc.
- Members: The Alliance has 75 members. India became a member of the Alliance in 2015.
- Secretariat: It is based at the United Nations(UN).
Source: PIB
