Budget 2022: Expectations for the Fintech Industry

Sharing is caring!

“2022 is projected to be an exciting year for the Indian FinTech industry. Timely and targeted policy initiatives last year gave this sector the much-required boost paving the road for tremendous innovation. I anticipate that the Union Budget 2022 will play a supporting and helpful role.

Some initiatives that can support this momentum include allowing credit on UPI, mandating transparent publishing of reliability rates of various bank UPI and card processing systems, permitting tokenization in offline payments, liberalizing the tax regime for small merchants by offering a reduction in GST for adopting to digital payments and expanding the digital infrastructure of the country to include transactions in the absence of real-time connectivity.

The formation of a dedicated FinTech division at the RBI is a positive move, and we look forward to the RBI not just encouraging FinTech innovations, but also identifying and addressing the challenges and opportunities that come with it,” said Mr. Rajeev Agrawal, CEO, Innoviti Payment Solutions.