Ehsaan Parray
Srinagar June 5: There has been a remarkable transformation in its financial landscape across India as the digital payment systems gain widespread acceptance among businesses, government institutions, and citizens.
The rapid growth of digital payments has been driven by increased smartphone usage, improved internet connectivity, government initiatives, and the expansion of banking services. Markets across Srinagar, Jammu & other Districts Like Baramulla, Bandipora, Anantnag, Budgam ,Budgam and other districts now display QR codes, enabling customers to make instant payments without carrying cash.
The street vendors said that digital System has changed their way of life. “Till 2016 I don’t have even Bank Account Number but now I am receiving 70% of Payment on My Scanner which is connected with my Bank,” said a Fruit Vendor Mohammad Maqbool.
“I am receiving maximum payment through Digital System my Business are working smoothly through this system. Sometimes problem occurred in server & messages are not reflected in our phones & payment did not done successfully but overall the digital system is our Lifeline for our small businesses,” said Imtiyaz Ahmad a Mobile Repairing Technician.
Jammu Kashmir Bank the region’s largest financial institution, has reported a significant rise in digital transactions.
During recent Eid-ul-Adha, the bank processed Crores of digital transactions worth thousands of Crores of rupees, reflecting growing public confidence in cashless payments. UPI has emerged as the preferred payment mode for a large share of these transactions.
An important benefit is financial inclusion. People in rural and remote areas can access banking services through mobile devices, reducing dependence on physical bank branches. Government schemes and subsidies can be transferred directly to beneficiary’s accounts, ensuring faster and more accurate delivery of funds.
However challenges remain in several remote and mountainous areas, unreliable internet connectivity, limited digital literacy and lack of awareness continue to hinder the full adoption of digital payment technologies. Analysts point out that while urban centers have embraced UPI and mobile banking, some rural regions still face barriers to accessing digital financial services.
As Jammu and Kashmir moves towards a more digitally connected future, experts emphasize that expanding internet infrastructure, enhancing cyber security and improving digital literacy will be crucial to ensuring that the benefits of the digital payment revolution reach every corner of the Union Territory.
