JOIN US Finance Minister Arun Jaitley, once again, emphasised that a shift to digital payments has huge benefits for the common man.
“Already there is evidence of increased digital transactions. The BHIM app has been launched. It will unleash the power of mobile phones for digital payments and financial inclusion. About 125 lakh people have adopted the app so far,” he said.
Welcoming the Budget, MobiKwik Founder and CEO Bipin Preet Singh said that big digital push is the thrust of the Budget, and is the right move for the future growth of the economy. “The focus on digital payments will lead to revolutionary transformation in Indians’ payment habits. Digital payments will be the new normal in 2017, and we are very excited about this. As we become more digital, India will see new taxpayers and better transparency in incomes,” he said.
“Upgrading digital infrastructure to support cashless transactions in rural and semi urban areas will encourage more merchants and consumers to transact on non-cash and online platforms. However, we feel that the government must have also considered promoting startups in the digital payments and digital security areas. Secure digital transactions is the only way to sustain India’s habit of cashless payments,” he added.
Paytm Founder and CEO Vijay Shekhar Sharma said that it is a digital economy Budget.
“The government has pushed the digital theme in every area of the Budget. Every person from a small shop to consumers are pushed towards the digital economy. Tax benefits, incentives to use digital payments and extending loans based on a digital footprint will create a larger merchant ecosystem for digital payments,” he said.
Incentives for labour-intensive sectors including housing, farming and dairy will help SMEs create new jobs, he added.
Rubique Founder and CEO Manavjeet Singh said that the Budget is well-rounded, covering important cores of the Indian economy, including SMEs, rural India, digitalisation and the common, middle-class citizens of India. PayU India CEO Amrish Rau said that the Budget holds enormous potential for digital payments players.
“We had previously emphasised the importance of creating a strong infrastructure for digital economy in India, and we are very satisfied with the announcements,” he said.