Indian fintech sector anticipates incentives as it pushes the unbanked population toward a digital transition
Recently, the National Payments Corporation of India (NPCI) allowed non-residents of ten nations, including the US, Canada, and UAE, to digitally transfer funds from NRE/NRO accounts via the UPI platform.
There is little doubt that financial technologies worldwide and in India in particular, is the engine powering the Indian economy, and the Budget 2023–24 must provide both fiscal and non-fiscal incentives to recognise this.
Founder of FidyPay Manan Dixit stated, “To encourage investments in the sector, the government should create tax advantages for venture capitalists and angel investors that engage in fintech startups. To encourage industry technical development, the government should offer tax breaks on software purchases made by fintech businesses.”
For the purpose of fostering innovation in the fintech industry, the government should offer tax breaks for the R&D activities carried out by these businesses.
In addition to monetary incentives, Dixit said that the government should loosen rules and foster an environment that encourages innovation in fintech firms. The government ought to assist incubators and accelerators that aim to advance the development of the fintech industry. To guarantee the availability of qualified professionals, the government must promote programmes for talent development in the fintech industry.
FidyPay is a platform that offers banking as a service with the goal of empowering Indian businesses to use the digital economy for a variety of financial and payment services. Through its efforts to promote financial inclusion, FidyPay offers access to valuable and reasonably priced financial goods and services like Connected Banking, Prepaid Cards, BBPS, UPI/BQR, UPI AutoPay, eNACH, PoS Solutions, and WhatsApp Payments in a sustainable and ethical manner.
How is it drawing individuals into the financial net?
Facilitating more access to these services and offering financial education to enable consumers to make knowledgeable decisions regarding their future financial aids in bringing more individuals under the financial safety net.
RazorPay and Paytm differ from FidyPay in that they have a greater emphasis on payment gateways and consumer payments. In contrast, FidyPay’s Banking as a Service Platform includes a number of capabilities that RazorPay and Paytm do not. It is an omni-channel payment system that enables banking, payments, and collections from any customer, anytime, anywhere, on a single, unified platform. Fidypay also provides the quickest settlement cycles and the most affordable costs, making it a more affordable and practical choice for companies.
Avoiding fraud in digital payment systems
The use of mobile and digital payments has expanded, leading to increased complaints about cybercrimes in recent years.
Manan Dixit is saying: “A safe, dependable, and trustworthy online payment system is FidyPay. Because it has PCI-DSS certification, it complies with the strictest industry standards for encryption and data protection. All critical customer information is encrypted, and secure servers are used to process all transactions. Additionally, we keep an eye out for any suspicious activity related to any transaction and will act right away if it is found. Additionally, we offer 24/7 customer service to address any queries clients may have and offer support if problems should occur.”
Digital payment scams, in contrast to traditional crime, know no borders and are characterized by rapid technology advancements.
India’s system of digital payments five years later
Manan Dixit stated that within five years, we anticipate India to become a global leader in digital payments. India will continue to advance in the digital payments sector over the next five years after already making significant progress.
With more people having access to financial services and a more effective payment environment, we anticipate seeing a rise in the usage of digital payment solutions by consumers, companies, and government agencies. Furthermore, we predict a spike in the creation of cutting-edge payment systems that are tailored specifically to the requirements of the Indian market. All this as well will definitely impact the Indian financial sector of economy.