Budget 2017 digital payments focus is transformative: Kumar Karpe, TechProcess Payment Services

“With the recent demonetization exercise, India has undergone a massive transformation from a cash-dependent to a less-cash country. Keeping the focus on enhancing digital payments a lieu of measures have been undertaken by the Finance Minister. We are happy to see that the Finance Ministry is striving to combat grievances in the digital payment ecosystem by setting up new payments regulatory body which will further encourage digital transactions. The Budget has advised the banks in India to set up Aadhar based POS terminals by September 2017 which will hugely benefit the masses.

We welcome the government’s move to exempt POS machines and iris reader manufacturers from several indirect tax duties. Deduction in charitable cash donations to Rs 2,000 and setting a limit of cash transactions to Rs 3 lakh will accelerate the adoption of digital payments and help in curbing the menace of tax evasion. These initiatives will immensely boost digital payments to the remotest of areas in India and help in enabling financial inclusion. ”

Kumar Karpe, CEO, TechProcess Payment Services

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