India: Transforming the digital payment ecosystem

The Union Cabinet chaired by the Prime Minister Mr Narendra Modi has given its approval for introduction of steps for promotion of payments through cards and digital means. The essential features of the proposals for promotion of payments through cards and digital means include steps for withdrawal of surcharge/service charge/convenience fee on card/digital payments and promotion of mobile banking to improve the payments ecosystem in the country. It can be expected that the promotion of payments through cards and digital means will be instrumental in reducing tax avoidance, migration of Government payments and collections to cashless mode and shifting payment ecosystem from cash dominated to non-cash/less cash payments.

In another significant development, the Government of India has recently extended the e-Tourist Visa facility to 37 more countries. The total count of countries under the scheme stands at 150. Since the launch of the scheme in November 2014, more than 7.50 lakh visas have been issued under the scheme. At present on an average 3,500 e-Tourist Visas are being granted daily to foreign nationals.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.