Industry insiders said that it is a huge business opportunity for every digital payment company to digitise offline payments.
InFinIT20 is a three month intensive programme where RBL Bank will provide funding and mentorship opportunity to 20 promising start-ups to overcome hurdles in the early stages of their journey.
A tech-savvy consumer base eager to adopt latest digital payment means has forced merchants to be open to accepting various payment modes.
Connecting GST Network with TReDS (Trade Receivables Discounting System) is the first step for digital lending platforms to calculate their creditworthiness.
Payment companies say digitising entire employee payment stack will help them convince corporates to move from offline to online reimbursements.
“What it will help in is an increased flow of data and we now need a consent-based access to the GSTN APIs,” said Sashank Rishyasringa, managing director of Capital Float.
Though the growth trend has maintained, the rate of growth has fallen from almost 40% which it had clocked last month.
This move will help digital lending entities working in the MSME space like Capital Float, Lendingkart, Rubique and others to expand their businesses and manage to reach out to a larger section of the country.
Although the government had announced several plans related to digital payments and the broader financial technology sector last year many are yet to materialise, they told ET.
Only about 14.8 billion digital transactions were undertaken across India from April 1 to January 28, show data sourced from the ministry of electronics and IT (MeitY).
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