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Merchant Digitization Summit 2021 : Highlights

Merchant Digitization Summit 2021

The Government of India, Federation of Indian Chambers of Commerce and Industry (FICCI), and UN-based Better Than Cash Alliance hosted Merchant Digitization Summit 2021: Towards Atma Nirbhar (Self Reliance) Bharat.

  • The Summit brought together leaders from the public and private sectors to accelerate responsible digitization of merchants in India’s North-Eastern and Himalayan regions and Aspirational districts.

Highlights of the Summit:

  • Empowering women merchants who play critical roles in their communities is one of the priorities to help achieve the mission of Digital India.
  • The National Language Translation Mission can be used to disseminate digital payment information, privacy clauses, and consent in local languages for trust and empowerment.
  • Identified opportunities to address the challenges of connectivity, access to smartphones, and digital literacy for merchants at the last mile.
  • Along with the increased focus on ‘Make in India’ through Atmanirbhar Bharat Scheme, responsible digitization must more strongly include rural networks such as Self Help Groups and community enablers.
  • This will lead to the creation of the local digital ecosystems to help millions of merchants join the formal economy, access credit, and grow their business.
  • From an average of 2-3 billion digital transactions monthly, India has set an ambitious target for 1 billion digital transactions per day.
  • Person to Merchant (P2M) digital payment transactions will scale to 10-12 billion transactions every month to contribute to India’s digital economy.

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