Wednesday, January 26, 2022
Business‘Digital payments incentive to boost fintech’

‘Digital payments incentive to boost fintech’

Published: 2nd Feb 2021 12:14 am

Hyderabad: The Union Budget announced different schemes and measures to boost the digital payments ecosystem in the country and also provide some relief to startups and MSMEs. Lauding the initiatives announced by the Union Finance Minister Nirmala Sitharaman, startups and MSMEs termed the Budget as pro-growth and pro-technology and will usher in the digital payments era of the country.

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Providing inputs on the Budget, Zaggle founder Raj N Phani said, “The Finance Minister has to be commended for creating a fine balance between resources and requirements to usher economic growth. The move to set up a fintech hub in GIFT City is a very welcome one. In fact there is a need to create more of such hubs in the country for fintech’s to grow. Other announcements which are important and notable include the changes in the regulatory and compliance front like allowing a one person company. The Budget has also allocated Rs 1,500 crore to boost digital payments which is also a significant step in the right direction. It will definitely help in further digitising the economy.”

While expressing concern that the Budget did not focus on the much-talked about Covid cess and did not have any dramatic increase in taxation for the business, ChitMonks co-founder and CEO Pavan Adipuram said that the proposal of incentivising digital payments will accelerate the financial technologies sector’s growth. “However, the devil would be in the details and we look forward to the details of the proposed scheme as it will tell us how the incentives will work,” he added.

Meanwhile, Mswipe founder and CEO Manish Patel said that the incentivising scheme will encourage SMEs to switch to accepting digital payments. “The budget allocation of Rs 15,700 crore to support the Micro, Small and Medium Enterprises (MSMEs), which is more than double of this year’s budget estimate, is also a positive step,” Patel informed.

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