(Representative image)
MUMBAI: In a big boost for digital payments, the RBI has announced a fund that will subsidise deployment of card-acceptance devices and QR codes in tier-3 to tier-6 towns and in the northeast. The Payments Infrastructure Development Fund (PIDF), which currently stands at Rs 345 crore, will go up further with contributions from banks yet to come in.
The RBI has contributed Rs 250 crore to the fund, payment networks will pump in Rs 100 crore and banks will give Re 1 for every debit card and Rs 3 for every credit card they have issued. The PIDF has a validity of three years and will target to increase the number of card swipe (point of sales, or PoS) machines by 10 lakh and the number of shops accepting QR code-based payments by 20 lakh.