By Mr. George Sam, Business Head & Co-Founder at Mindgate Solutions Pvt. Ltd,
“With India’s digital economy picking up, we expect the government to continue its efforts in encouraging the digital payments ecosystem in the Union Budget 2021-22. Like last year’s fund for incentivizing the industry and offset losses incurred due to waiver of Merchant Discount Rates (MDR) on UPI and RuPay transactions, we hope the finance minister will take further actions to minimize translational costs, thereby promoting large ticket size payments in the B2B segment. One such critical step is expected to come through a push towards prepaid transactions through UPI. With the digital payment industry playing an instrumental role in ushering transparency and formalization of the economy, the government is expected to promote the industry by encouraging new business deployment solutions.”
