PCI praises RBI’s bold step towards deepening financial inclusion – TechGraph

Vishwas Patel, chair of the Indian Payments Council and director of Infibeam Avenues Limited, appreciated the RBI’s move to support the penetration of digital payments in the hinterland of India. He states: “The PIDF scheme encourages the acceptance of digital payments in areas that the industry has not yet fully utilized. With this support from the RBI, the industry can set its own goals and unlock the potential of the target area. Will be revealed in. ”

Patel, who is also a member of the scheme’s ex officio advisory board, added: “This move will certainly help RBI and the industry work closely together to achieve the vision of financial inclusion and digital transformation.”

Dilip Asbe, Managing Director and CEO of National Payments Corporation of India (NPCI), said: fund. We are confident that this key move will provide Philip for the last mile penetration of digital payments and acceptance infrastructure, thereby driving digital financial inclusion in the hinterland. It’s only natural to have a special focus on NE, which accelerates digitization. This timely RBI PIDF creation initiative will drive significant adoption of digital transactions, in addition to raising the recently announced contactless payment limit from Rs 2000 to Rs 5000. ”

TR Ramachandran, Group Country Manager for India and South Asia, said: “We are pleased that RBI is now able to operate the Payment Infrastructure Development Fund (PIDF). Founded last June, the fund has played a vital role in accelerating the acceptance of digital payments. It benefits merchants and consumers in previously under-penetrated countries. Visa will continue to work with the RBI and ecosystem to strengthen its payment acceptance infrastructure in Tier 3 and beyond cities and northeastern regions. “

Manish Patel, Founder and CEO of Mwsipe Technologies, said: “The PIDF guidelines announced by RBI are a breakthrough for the payments industry. This move removes the shackles that have hindered merchant services in Tier 3 and above towns and villages. We are digital in India. We are very grateful to RBI’s collaborative approach in building the right framework to usher in the next big wave of payment acceptance. ”

“The implementation of PIDF will begin an exciting phase of accelerating the adoption of digital payments across India, especially since Tier 3 as the cost of deploying PoS devices and service constraints are the biggest barriers to adoption. Small merchants will be the biggest beneficiaries. PIDF ensures that banks and fintech companies get the support they need to prioritize these locations. Macro factors have already boosted consumer and merchant payments and demand for in-store digital solutions. Now the focus is on delivering world-class India’s first products to these little merchants in a cost-effective way. That must be the case, and therefore all entities need to work together more than ever, ”said Nitish Asthana, President and COO of PineLabs.

PCI praises RBI’s bold step towards deepening financial inclusion – TechGraph

Source link PCI praises RBI’s bold step towards deepening financial inclusion – TechGraph

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