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RBI Promotes Digital Transaction In Financial Literacy Week

RBI, along with Mastercard, promoted digital transactions as a part of financial literacy week 2022. The theme of this year was ‘Go Digital, Go Secure.’

RBI Promotes Digital Transaction In Financial Literacy Week
RBI Promotes Digital Transaction In Financial Literacy Week

With the outbreak of a pandemic, more people have opted for digital transactions for their finances. While the digital mode of payment and other digital activities happening online are on the rise, there has been a spike in various financial frauds too. Since people from the older generation are trying to cope with the new mode of financial activities, they are also falling prey to fraud. With the aim to promote digital transactions and create awareness, the Reserve Bank of India (RBI) observed ‘financial literacy week’ during February 14-18 with the theme of ‘Go Digital, Go Secure.’ 

In line with Financial Literacy Week, Mastercard has shared how digital payments provide convenient and seamless experiences for consumers contributing to this year's theme. Mastercard wanted their customers to get aware and understand that with improved technology and awareness, digital payments provide people with a safe, secure, and seamless experience. This week also focused on promoting the concept of tokenization. “The introduction of Card-on-File Tokenization will add a safety layer to the digitized payment ecosystem by replacing the card number with a unique alternate number called a token," Mastercard mentions in its release. 

RBI has introduced tokenisation to help customers do online transactions without saving debit or credit card details. Mastercard announced in December to partner with Google Pay to facilitate tokenization across India.  

As RBI mentioned in their release, the theme of this year is one of the strategic objectives of the National Strategy for Financial Education 2020-2025. They aim to focus will be on creating awareness about (a) the Convenience of digital transactions, (b) the Security of digital transactions, and (c) the Protection of customers. 

RBI has been conducting Financial Literacy Week (FLW) every year since 2016 to propagate financial education messages on various themes among members of the public across the country. “Banks have been advised to disseminate the information and create awareness among their customers and the general public. Further, RBI will undertake a mass media campaign during the month of February 2022 to disseminate essential financial awareness messages to the general public,” says the release of RBI.  

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