India on Monday announced the launch of its first online currency to be launched this month, the Digital India Card.
Launched by the Ministry of Electronics and Information Technology (MIT), the Digital Indian Card will be available on all Indian mobile and internet wallets starting from September.
According to the announcement, users will be able to send and receive cash through the card from September 30.
The card will be issued at a discount rate of 50% to eligible customers, and will be linked to their digital wallet.
“We are announcing this card to ensure that people in India can transact in digital currencies and have access to their money wherever they go.
This is an important step for our economy, for the people and for the country,” said Anand Sharma, MD, Digital India.
“The Digital India card will enable people to transact in the digital currency as well as cash.
We will soon announce the launch date for the card.
This will enable the digital economy to take off,” he added.
The card will not only provide a convenient way to pay for goods and services online, but also will offer a service that has never been offered in India before.
The country is among the few in the world that does not have a centrally controlled banking system, which means that transactions can be conducted through a variety of different channels and banks.
The government has been trying to introduce a cashless economy for years, which has failed to catch on in many countries around the world.
The announcement comes just days after Prime Minister Narendra Modi launched his “Make in India” initiative on Monday to promote manufacturing in India.
The Digital Indian card will help the government promote digital economy and provide a reliable way to transact.
It is also expected to create jobs.
“Our digital economy has been very stagnant in the country for the last five years.
The Government of India has committed to invest $500 billion in digital India over the next five years, and we are trying to achieve a similar success in the next three to four years,” Sharma said.
“This will be a major step forward for the digital country, as it will be the first digital economy that will not depend on any single central bank.
The digital economy is going to be the backbone of the digital society.”
India will launch the Digital Government of the People (DGP) digital wallet from September 15, 2018.