Quote of Mr. Robin Raina – Chairman, President and CEO at Ebix (the parent company which acquired ItzCash)
“Today, the basic electronic blocks for digital transactions to take off are in place – UPI, eKYC and Aadhaar – and they are all talking to each other. The introduction of the Goods and Services Tax will go a long way in bringing the so-called `black economy’ into mainstream GDP. Citizens should now realize paying taxes has long term advantages over unaccountable and untaxed wealth.
While the government has already taken right measures by not charging MDR for low sum card payments, additional incentives are required in form of tax benefits over large sum payments (over Rs 50,000). This will encourage people to embrace the digital medium more avidly. Payments in key sectors of education and travel and tourism should also be necessarily digitized. This will resolve a lot of problems associated with unaccounted dealings like donations which is quite rampant in the education sector.
The next 100 million users for digital payments will necessarily have to come from tier IV and beyond villages. Hence, the budget should focus on hand-holding Regional Rural Banks and co-operatives to adopt newer technologies and Point-of-Sale devices besides encouraging merchants to adopt them willingly. The meticulous data analytics and research done in terms of the financials of Indians and their spending habits done during the last budget was a great start. Mr. Jaitley should now take it further highlighting the costs that banks incur for handling cash everytime a transaction is made.
Finally, we would also urge the government to remove FDI limit in insurance so as to encourage more deep-pocketed players to enter this huge market with better technology, thereby increasing insurance penetration in India.
Lastly, I believe that India is today ready for a Central Financial Exchange that can take care of all payments across sectors like remittances, investments, bill payments and lending besides e-learning, travel and e-commerce transactions among others. This will facilitate the next level of push to rope in millions that have still stayed away from the benefits of digitization.”
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