MoneyTap offers a line of credit product for customers sourcing loans primarily from RBL Bank and Aditya Birla Capital.
This will allow ePayLater customers to use the credit facility provided by the company to make payments at any outlets which accept UPI payments or BharatQR payments.
The startup aims to reach Rs 100 crore of disbursal and add 40,000 customers by the end of calendar year 2018.
While on one hand, NPCI is on mission mode to take India towards a less-cash society, on the other, it has to manage the multiple stakeholders of the entire process.
MeitY has set a target of 23.7 bn transactions to be recorded by the banking sector alone. Mobile wallet companies are expected to chip in with the rest of the 6.3 bn transactions.
AEPS transactions done through a biometric enabled point of sales (PoS) terminal could be for cash withdrawal or for direct merchant payment.
New tech allows payment without physical contact with acceptance terminal
Amazon India, which routes a large chunk of refunds and incentivises e-commerce transactions through its Amazon Pay wallet has seen a sharp reduction in cash loading into the wallet.
While digital payments have picked up and a range of options is now available, its growth needs to be stronger to wean people away from using cash.
In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.
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