This initiative will be a conduit for reducing NPA as it works on data transparency, data analytics, artificial intelligence which does not have any human biasness and can also help banks and NBFCs to enforce credit discipline on consumers.
EzeSmart, which runs on Ezetap’s universal payment acceptance platform,is capable of accepting all payment modes including UPI, Bharat QR and Aadhaar Pay.
Prominent startups in this space say increased efficiency of their credit models, proven track records along with more accessibility among consumers are the main reasons banks and NBFCs are more eager to lend to them now.
A clutch of tech-enabled digital payments startups is trying to make life simpler for corporate India.
This could be a big positive for the non telecom payment banks like Paytm or Fino, who have been doing KYC formalities of their customers from scratch.
"I was also told that the MSME sector is a traditional sector and mostly carry their business offline."
Pushed by goods and services tax, which has caused many corporate processes to go digital, eMudhra has seen a jump of 75% in the number of digital signatures issued.
Companies like Paytm and Mobikwik are trying to bring in technology innovations in this space to ensure fast yet reliable digital payments at fuel outlets.
This statement from NPCI comes in the wake of Paytm founder Vijay Shekhar Sharma saying: “Facebook is openly colonizing our payment system".
The revised guidelines of full KYC for PPIs are throwing us in a very challenging situation since 90% of the volumes that we were generating was mainly from the minimum KYC PPIs.
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