Fonepaisa pitches for providing interoperable payments

Fonepaisa Co-Founder Ritesh Agarwal has met Deputy RBI Governor S S Mundra and pitched for providing interoperable payments solution to revive cooperative banks.

Fonepaisa, provider of interoperable payment solutions based on technology innovation, could also help the Indian government save 1.7 per cent of transaction costs, Agarwal said.

Last year, Indian government had said it would bear the transaction cost for all payments made to it through debit or credit cards and net banking, to promote less cash economy.

"Fonepaisa will help small and cooperative banks to retain their merchants by providing smart financial transaction solutions via bigger banks like Indusland Bank. We have partnered with Indusland Bank," Agarwal told

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)