Stressing that India is on the cusp of a digital revolution, President Pranab Mukherjee on Sunday highlighted the important of the Aadhar card initiative, saying it is a watershed event in development story of India.
Stating that India has a long way to go to become a cashless society, the President said that the nation remains primarily a cash-based economy with about 95 per cent of the personal consumption and 86 per cent of all transactions being in cash.
Expressing his happiness with the initiatives of the Centre in the matter, President Mukherjee further said that it is necessary to reduce cash in circulation and impart greater urgency to promoting secure digital payment methods to ensure greater transparency.
"India is on the cusp of a digital revolution. More than one billion Indians have a unique identity number with a biometric identifier which is unique in its own way. Even countries which are technologically far more advanced than India with comparatively much smaller size population do not have such a system in place. The Aadhaar card initiative is a watershed event in the development story of India," he said.
Further noting that the Aadhaar enabled payment system has made digital payments possible for even those sections of the population who may not have mobile phones, President Mukherjee added that the Centre has enabled development of new modes of digital payments with the goal to make their use easy and seamless across providers.
"Launch of BHIM has demystified the digital payments and brought it within the grasp of every citizen," he added.