Banks look forward for incentives to promote digital payments

There are about 40 crore smartphones while e-wallets have risen to 23 crore in less than 1.5 years

To promote digital payments, banks are being offered a Unified Payment Interface. Most of the banks have their own digital platforms which make transfers and payments a bit lengthy process. 

UPI is an indigenously developed platform by National Payments Corporation of India (NPCI) and set up with the support of the Reserve Bank and Indian Banks Association (IBA). 

The finance minister is already scheduled to meet bankers this week to discuss a few pre-budget topics. State Bank of India chairperson Arundhati Bhattacharya ill lead the delegation, which will also include representation from payments banks, small banks and even finance companies. 

The topics of discussion will majorly include the incentive for digital payments. Non-banking e-wallets like Paytm have benefited a lot post demonetisation.

There are about 40 crore smartphones while e-wallets have risen to 23 crore in less than one and half years.