In a big boost to digital payments, the Union Cabinet, on Wednesday (December 15), approved a Rs 1,300-crore incentive scheme to promote transactions made via UPI and Rupay debit cards.
Mr. George Sam, Business Head & Co-Founder at Mindgate Solutions Pvt Ltd expressed, “India is the largest consumer of digital payments across the world. The Union Cabinet’s excellent initiative will aid in building a robust digital payments ecosystem. This move will push instruments like RuPay Debit cards and UPI payments in the country across all sectors and segments for small-size payments. It will also help onboarding more merchants, increasing the number of merchants accepting digital payments. The investment will, in turn, encourage using digital payments and facilitate further penetration of digital transactions in the country.”
Key takeaways from the scheme-
- The scheme aims to give a further boost to digital transactions in the country
- The government will reimburse transaction charges levied on digital payments made by persons to the merchant as part of the merchant discount rate (MDR)
- The scheme will cover reimbursement on digital transactions of up to Rs 2,000, using Rupay debit cards and BHIM-UPI
- the scheme will facilitate acquiring banks in building a robust digital payment ecosystem and promoting
- Rupay debit card and BHIM-UPI digital transactions across all sectors and segments of the population and further deepening digital payments in the country
About George Sam – Co-founder & Business Head-Mindgate Solutions
George brings in 21 years of experience in servicing the BFSI customers in India, the Middle East, & South East Asia. He has a proven track record on building & leading technology products with a key focus on Business Management specifically on managing top-line growth & Profitability along with maintaining Client Relations with the company
About Mindgate Solutions:
Mindgate today is leading the innovation wave of building and managing the new generation Real Time Payment transactions platforms. Over the last decade, our organization has established a strong presence in India, Middle East & SEA market with over 75 plus banks and payment providers for whom we provide digital payments/Collections platforms. Mindgate’s Digital Payment/Collection (Mobile Collect) platform has the largest market share in terms of throughput and volumes in India and constitutes a major market share of Real-time Payment (Unified Payment Interface) transactions in the country & processing more than 150 million transactions a day on the Mindgate Platform. We enable API-based integration to bank accounts to social payments like Google Tez and Whatsapp Payments for P2P and P2M transactions.
Mindgate powers the payment and digital platforms of the central government in bringing to fruition its digital strategy from DBT (Direct Beneficiary Transfer) platform, GST (Goods & Service Tax) accounting and reconciliation, Conditional Cash Transfer (CCT) Platform (an IMF sponsored initiative), Real-Time payments like (Unified Payment Interface), digitized bill collection platform (BBPS), electronic toll collection (NETC), Digital mandate payments (e-NACH), Digi Transaction banking suite, Integrated Payment Hub (IPH), Pre-paid Issuance and acquiring platform with digital wallet and QR acceptance.
Mindgate has over 750+ technology professionals with 2 development centers and 5 offices in India, Dubai, Singapore, and San Francisco.
We are building the team in our goal to be amongst the top ten global players in Digital Payments!
