Anupam Pahuja, MD, PayPal India has the same expectations from the government and believes that this move will provide a boost for both consumers, businesses and small businesses in particular and propel a less cash economy.
"The timing is perfect for this move as India has the right kind of government incentives - regulations like the Pradhan Mantri Jan Dhan Yojana, Aadhar, innovative payment infrastructures like UPI, and a favorable demographic dividend," says Pahuja.
Let's not get too excited, though
However, the greatest challenge is yet to come. With a sudden expansion in digital transactions, these payment companies need to be ready to handle the enormous tide of transactional data coming their way, in addition to combating security threats that it brings along.
But the payment processors seem optimistic when it comes to handling the surge of transactions. "We are expecting a huge surge in digital payment volumes, and our systems are geared to process the expected volume surge in coming days," says Karpe.
Sharing Karpe's optimism, Pahuja adds "We are looking forward to furthering the government's vision of 'Digital India' and enabling a safe, secure, and transparent payment mechanism."
Source: CIO India
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