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FM Proposes Rs 1,500 Cr-Scheme To Boost E-Payments; Drive Innovation By Fintech Cos
Cyient President and Chief Operating Officer Karthikeyan Natarajan said allocation of funds as incentives for promoting digital payments is a step in the right direction and a significant move in enhancing ease of doing business.
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The government on Monday proposed a Rs 1,500 crore-scheme to promote digital transactions in the country, a move that the industry believes will drive adoption of e-payments in smaller cities and spur innovation by fintech firms.
Delivering her Budget speech, Finance Minister Nirmala Sitharaman said there has been a manifold increase in digital payments in the recent past.
Rs 1,500 cr digital payments fund to increase penetration: Industry
By IANS |
Published on
Mon, Feb 1 2021 17:48 IST |
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. Online payment. (File Photo: IANS). Image Source: IANS News
New Delhi, Feb 1 : Although it is not clear how the Rs 1,500 crore fund proposed in the Budget to boost digital mode of payments will be spent, industry stakeholders have said that the move will spur innovation and help increase penetration of digital payments in the country. To give a further boost to digital transactions, I earmark Rs 1,500 crore for a proposed scheme that will provide financial incentive to promote digital mode of payment, Union Finance Minister Nirmala Sitharaman said during her Budget presentation on Monday.
PTI photo Outlook Web Bureau 2021-02-01T16:05:44+05:30 Union Budget 2021: Govt Proposes Rs 1,500-Crore Scheme To Boost Digital Payments outlookindia.com 2021-02-01T16:15:24+05:30
The government on Monday proposed Rs 1,500 crore-scheme to boost digital transactions in the country. This move will drive adoption of e-payments in smaller cities and spur innovation by fintech firms.
Finance Minister Nirmala Sitharaman in her Budget speech said there has been a manifold increase in digital payments in the recent past. To give a further boost to digital transactions, I earmark Rs 1,500 crore for a proposed scheme that will provide financial incentive to promote digital mode of payment, she said.
Synopsis
ET had reported in November that the telecom regulator had imposed penalties collectively amounting to Rs 35 crore on eight operators including Bharti Airtel, Voda-Idea, Jio and BSNL for violation of TCCCPR on various counts, which allowed cyber criminals to issue fake SMSes.
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In September 2020, telecom companies launched the first phase and started blocking SMS traffic originating from unregistered headers.
New Delhi: Beginning January 31, mobile phone companies will filter out commercial SMSes with unregistered content, as part of the second phase of blockchain implementation designed to check the flow of spam text messages.
This means any entity registered on the distributor ledger technology (DLT) platform with a unique header ID, for example AX-DOMINOS, will have to submit content templates of all SMSes they wish to deliver to their customers till January 31. From then on, telecom companies will block any SMS originating from an unregistered header
MUMBAI: The central bank’s newly established corpus of Rs 345 crore for developing payment infrastructure in rural India could ease the unit economics for key stakeholders to deploy terminals in the absence of Merchant Discount Rate (MDR).
However, key stakeholders – the banks and payment companies would continue to demand the resumption of transaction charges albeit a discounted one, on UPI and RuPay, in the upcoming union budget.
The Reserve Bank of India (RBI) on Tuesday announced the operationalization of the Payment Investment Development Fund (PIDF) with an initial corpus of Rs 345 crore for three years – extendable up to an additional two more years.