RBI to launch its own online payment system shortly

Joined:	01/01/2015
Level:	Gold
Points:	41446

The RBI governor has recently announced that the online payments system from the Indian premier bank is about to be launched shortly.
Mr. Raghuram Rajan recently made a statement in this regard. It has been indicated that some tax benefits will be provided to the merchants who opt for the digitalisation of payments. It can safely be assumed that the move will go a long way in promoting digitalisation of transactions. It will also be helpful in avoiding malpractices like evading tax.
What is your take on this venture by RBI? How will it strengthen the Indian economy?
Ideas and suggestions from our well educated techians are welcome.

Joined:	26/06/2015
Level:	Gold
Points:	15787

Points:	5

I think this is really good move if you are small business or startups. The reason being, such payment gateway system can be helpful to transact with international customers. Currently Indian business are facing that issue. Companies such as ebay etsy and others would take local sellers to reach international customers. And that may surely improve the economy. I welcome such changes from the government.

Startups need cheap payment gateway. And government coming into this would surely shake some popular brands like paypal, payumoney and others. But it is desperately needed to tackle some of the payment issues. I'd surely say most of the developers and startup owners will find government into this industry a better option. Especially those who are on low budget.

Hopefully that this decision is accompanied by the cheap and reasonable payment gateway with better rates. As we know none of the government softwares stand the load and the testing of real life demands. I hope some good company does the software for this government project. Otherwise it'd be yet another government's slow project fail.

RBI to launch its own online payment system shortly

About Techulator.com

Reviews

Quick Links

Technology