Prime Minister Narendra Modi’s government has been keen on promoting digital payments, following the demonetisation move that was announced in November 2016.
While the Union Budget in 2017 and 2018 saw sustained push towards a digital-first economy, in the interim Budget 2019, Harshil Mathur, CEO and Co-Founder of Razorpay, wants the government to address the problems faced by startups over taxes levied on angel funds.
The Narendra Modi government will present its interim Budget on 1 February.
Mathur also suggested that the government could consider making UPI (Unified Payments Interface) the de-facto mode for online payments.
“With the upcoming Budget, I wish the government addresses problems being faced by startups over taxes levied on angel funds. Secondly, considering how UPI is being embraced by businesses and consumers, which is resulting in larger transaction volumes and increased P2M adoption, it will be good if the government starts taking steps towards making UPI the de-facto mode for all online payments soon.”Harshil Mathur, CEO and Co-Founder, Razorpay
On Recognising Potential of Fintech Lenders
Mathur added that it was important for the government to recognise the potential of fintech lenders and that they should be encouraged with prudent policies.
“Thirdly, it’s important for the government to recognise the immense potential that fintech lenders hold in furthering financial inclusion and credit penetration, and should encourage them with prudent policies to benefit the sector.”Harshil Mathur, CEO and Co-Founder, Razorpay
Mathur also hoped that the Budget would see policies and regulations that will create new opportunities and boost digital payment ecosystem.
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