To push the Digital India initiatives, Government requests local smartphone makers to make smartphones sub 2000INR. If this happens, then it is obvious that even a person who cannot afford some smartphones which have heavy price tag will think to buy a smartphone at this price tag.
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Present Scenario:
Only around 300 million of India’s about a billion mobile phone users have smartphones. Also, rural areas have a teledensity of just above 50%, compared with over 200% in cities like Delhi, underlining the disparity in mobile phone usage.
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At present, 3G smartphones are available at starting prices of around Rs 2,500, while first 4G phones start at higher prices. Affordability and use cases are two big factors behind feature phone users being averse to switching to smartphones in the rural areas.
At a meeting held by Niti Aayog:
The government has asked Indian-origin smartphones manufacturers to build low-cost phones that can take digital transactions to the masses. The approached companies include Micromax, Intex, Lava, and Karbonn. Surprisingly, Chinese manufacturers weren’t given due consideration for the initiative.
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The government is expecting smartphone makers will pump in 20-25million low-cost smartphones. And it is obvious that this will help digital payments with a huge increment. Surprisingly, the government has currently ruled out any subsidy for the initiative and has instead asked companies to come up with solutions to bring down the cost of the phone.
Speaking about the discussions, a senior industry executive said, “The government has begun enabling digital transactions, which are growing exponentially now. But they realize that there aren’t that many low-cost smartphones in the market. The government’s aim is to allow financial transactions from anywhere, devices which should also have the ability to scan for Aadhaar-based financial transactions in the future.”
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According to RBI data:
UPI transactions rose 582% by volume month-on-month to 2 million in December, while by value the rise was 686% to Rs 711.4 crore. USSD transactions were up more than 10 times by both value and volume but on a low base. Overall electronic payments, including banking transactions, rose 40% to 939 million, and 10% to over Rs 10 lakh crore.
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