Two-day seminar by CAIT to educate traders on e-payment

Seeking to educate traders about digital payment framework, a two-day seminar has been organised here by an umbrella body of traders to ease them in transitioning to a different transaction format.
The Confederation of All India Traders (CAIT) today inaugurated 'Less Cash India Summit' in which over 300 traders are participating.
"With the kind of developments happening in the country we as traders will have to look for ways to enhance acceptance of digital payment to shift from traditional cash-based economy.
"On these lines the two-day summit would educate traders in our confederation and help them choose varied options available for the transition," said Praveen Khandelwal, Secretary General, CAIT.

It is a step forward in pursuance of the clarion call of Prime Minister Narendra Modi to adopt digital payment as also a preparatory step for GST taxation system since electronic payment is one of the core fundamental of GST regime, CAIT said.
Several business firms also demonstrated apps and technologies that could be used by traders to get onboard he digital platform.
"QR (Quick Response) code though initially was put to use in warehousing, has now been introduced for making online payments. Any customer can scan the code, that will be pasted in the merchant site, on his mobile device and initiate the payment transaction," said Ravi Aurora, Senior vice president and group head, Global Community Relations, MasterCard.

CAIT National President B C Bhartia, later in a statement said, "India has one of the lowest card swiping machine numbers per capita, worldwide. Data indicates that it has around 690 terminals per ten lakh people. Hence, CAIT realised that, a holistic promotion would help India also evolve on par with other parts of the world in terms of digital payments.