The govt, which has to own at least 51% in banks by statute, is not in a position to provide capital. And private capital can’t flow either because of law.
While card transactions have shown a rise, UPI the poster child of the government’s demonetisation programme has grown leaps and bounds as well.
Digital employee benefit company Zeta has tied up with Excelity Global one of Asia's biggest payroll administration and human resource management company.
HDFC Bank said that UPI-based payments up to Rs 25K will be charged Rs 3 plus service tax and above Rs 25K to Rs 1L will be charged Rs 5 along with taxes.
Many venture capitalists reluctant to invest in such lenders due to lack of proper rules.
India Post, which has almost become extinct to a generation of people in urban India, prepares for a new life under India Post Payments Bank by marrying its almost 1.5L physical branches.
"You take money in payments but business is dependent on the velocity of transactions, its more to do with pay-outs," Ashok Pal Singh said.
Entities are developing means of reaching out to consumers and advancements in technology is helping them attain it.
As technology disrupts the traditional paper voucher space, entities are trying to relook into their business strategies, developing means of reach out to consumers.
Demonetisation effect: Digital payments India's new currency; debit card transactions surge to over 1 billion
Digital transactions have trebled and quadrupled in volume and value across various modes from wallets to cards and interbank transfers from a year earlier.
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