Former Finance Minister Chidambaram explains cost involved in “Digital payment”

Former Finance Minister Chidambaram explains cost involved in “Digital payment”
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New Delhi: Former Finance Minister, Mr. P. Chidambaram explained the cost involved in “Digital payment”.

He started his explanation by asking the question, “Who makes money on digital currency?”. Explaining answer to this question, he gave an example. He said that if one hundred is paid by a buyer to seller in hard currency, nobody makes money whereas if the same transaction is done in digital mode, Rs. 1.5 will be made by somebody else. If Rs. 100 is transacted digitally 10 times a day, somebody else makes Rs. 15.

By giving this example, he highlighted how much the third party can earn money daily due to the digital transaction.

He also said that he is favour of a digital mode of payments but for a large volume of transaction.