Sunday, March 1, 2015

Post Budget comments on IT, technology and mobile banking sector

“Usage of cards completely mitigate risks associated with cash transaction” Paynear Solutions CEO Priti Shah’s Reaction to the Union Budget 2015

“We completely welcome the Government’s plan to disincentivize cash transactions and incentivize transactions happening through credit and debit cards in an aim to help turn India into a cashless economy.

Although Card penetrations are high in cities it has not quite reached to the second and third tier of the country yet. With the government turning its focus on incentivizing transactions through credit and debit cards we are very confident that the penetration will start and the majority of the transactions happening across the country will become cashless in the near future.

The usage of Credit and debit cards completely mitigate all risks associated with cash transactions and will definitely bring down the total amount of unaccounted money.”

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