'Govt should help FinTech cos with low-interest loans'

Government should support FinTech companies with adequate funds in the form of loans with low interest, says

Pravinkumar Bhandari, Chief Business Officer, ePaisa

By Pravinkumar Bhandari

Union Budget has always supported consumers and brand owners with equal benefits. As we are digitally transforming and introducing new payment options in the country, the expectation from this budget 20-21 is extremely high. There has been great growth in the Fintech industry as many new companies are coming up with innovative ideas to ease customer experience, execute, better experience and build a secure payment infrastructure. For this, the industry definitely seeks the Government to support them with adequate funds in the form of loans with low interest. It would be an encouragement if the Fintechs are also given tax benefits exemptions on their revenue. Additionally, Merchant Discount Rates which is one source of income for the banks should not be zeroed down totally. Since the bank return pays fintech companies for designing the payment platform. Zero MDR would be demoralizing the banks and indirectly impact on Digital economy growth of India

(The writer is the Chief Business Officer of ePaisa)