Budget 2021: Rs 1,500 crore kitty to subsidise e-payments – Times of India

NEW DELHI: A Rs 1,500-crore allocation by the government to promote digital payments will compensate banks and service providers for fees they forego on payments made through debit cards and the Unified Payments Interface (UPI).
This will encourage more shopkeepers to accept digital payments and consequently open up more avenues for bank account holders to use cards and mobile phones (UPI) for payments. Dilip Asbe, MD & CEO, National Payments Corporation of India, said the move would be a growth booster for digital payments and the fintech sector.
According to a recent Accenture research report, 6,660 crore transactions worth $270.7 billion are expected to shift from cash to cards and digital payments by 2023.
“This shift is expected to intensify competition in the Indian payments space and, ultimately, enhance consumer experience and convenience. However, the exact nature of the scheme of the outlay and its implementation will be instrumental in its success,” said Sonali Kulkarni, lead financial services, Accenture.

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