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Goa switching to digital transactions not an issue: CM

Chief Minister Laxmikant Parsekar on Saturday said that Goa can successfully switch to digital transactions since it has more bank accounts than its population.

The CM spoke at a function organised by Indian Oil Corporation (IOC) regarding digital transactions. Parsekar claimed that the State has 1.7 million mobile connections and 2.2 million bank accounts. For a population of 1.5 million.

He also said that Goa was the first State in the country to have done 100 per cent coverage of bank accounts following the launch of Jan-Dhan Yojana. “In other words, it is only Goa which can do it {switch to digital transactions}. In addition to this, digital transactions will reduce incidents like dacoity at petrol pumps which are open 24 hours,” he said.

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IOC’s Marketing Director, B.S. Canth said that the company recorded 37 per cent digital transactions. An increase of 12 per cent since demonetisation, in Maharashtra-Goa region. IOC declared that its petrol pumps in Goa would adopt cashless modes of payment.

Executive Director, IOC, Murali Srinivas said the company was taking the initiative of cashless transactions forward through mobile wallets, debit/credit cards and loyalty cards.

Among four startups that launched their operations at FinTech Tower, Paytm is the largest investor. PayTM website says it has 100 million registered users receiving 60 million orders per month.

More than 99 percent of transactions by volume are still in cash payments in India. According to a McKinsey Global Insights report as of November 9, 2016.

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