HYDERABAD: Stating that T-Wallet initiative can be a case study for Global South, Telangana principal secretary, information technology (IT), Jayesh Ranjan on Sunday said that T-Wallet, the official digital payment option, has registered over 35 million (3.5 crore) transactions.
Speaking at 'Advancing Financial Inclusion Through Digital Public Infrastructure Knowledge and Experience Exchange Programme for the Emerging Economies of the Global South, on the sidelines of the second G20 Global Partnership for Financial Inclusion (GPFI) meeting, the IAS officer stated: "T-Wallet is a fit case study case for Global South countries as this particular digital payment tool does not require users to have a mobile or bank account for the platforms. After the inception of the wallet, over $2.5 billion worth of transactions took place."
Explaining the initiative, launched by the Telangana government post-demonization, further, he said that T-Wallet had earned a subscriber base of over 1.30 million (13 lakh) in the last seven years and 1,169 services have been integrated with it. In the previous year, there were 6.3 million (63 lakh) transactions worth $500 million.
According to him, T-Wallet provides digital accounts to all citizens. "There is no need for a minimum balance and no charges for digital accounts," he added.
There was a push for digital payments after demonitization. "We came up with this, bank correspondents in rural areas can assist poor citizens with these transactions," he added.
"These kinds of tools can be useful, especially in Global South countries who don't have access to bank accounts. In India, states also have authority to create these kinds of initiatives, and we have permission from Reserve Bank of India too," he said. The Global South is a term often used to identify lower-income or developing countries.
He stated that the poorest of the poor use T-Wallet through MeeSeva centres. "It has been useful for transferring money of schemes like Rythu Bandhu and student scholarships," he added.