Discover and read the best of Twitter Threads about #digitalpayments

Most recents (4)

...and here are the answers to the #digitalpayments quiz. How well did you score? 🥇🥈🥉
...and here are the answers to the #digitalpayments quiz. How well did you score? 🥇🥈🥉
...and here are the answers to the #digitalpayments quiz. How well did you score? 🥇🥈🥉
Read 5 tweets
#CashlessConsumer @anivar@chowchow.social is at #AadhaarTribunal and is talking on intersection of #Aadhaar and #DigitalPayments / #Fintech.

#CashlessConsumer makes the following demands to seek a reform in #DBT / payments infrastructure
1. A thorough #CAG audit on #DBT infra to officially document the reasons for exclusions (untraceable payments referred in #NITIAayog Poshan report) and detailed report on #APB, compensate the beneficiaries who are denied welfare benefits with interest
2. Policy decision to gradually migrate #DBT to use #NEFT (run free of cost by RBI wef 1.1.2020) instead of NPCI owned #APB infrastructure which charges ministries implementing #DBT delivery.
Read 6 tweets
#CashlessConsumer Much has been talked about #ZeroMDR amidst lot of panic based misinformation, half truths.

1.1.2020 marked 3 significant changes to payment industry all of which have deep implications. #Thread
Facts first and opinions later.

On 30 Dec, FinMin clarified provisions in Finance Act relating to digital payments

1. 269SU meant for large companies > 50 Crores, mandating to accept "prescribed modes"

2. 271DB - Penalty for violating 269SU
incometaxindia.gov.in/communications… - Link to notification.

269SU makes #ZeroMDR, but important to note its applicable only for large businesses and only for "prescribed modes"

Prescribed modes came via incometaxindia.gov.in/communications…
Read 16 tweets
#ZeroMDR 1/ Since 2006 I have been the bigget believer and proponent of in digitizing payments - ideally via mobile payments - lord knows I've preached this more than anyone else has! Even my 83-year-old mother is a convert, and I literally refuse to pay anyone in cash!
#ZeroMDR 2/ The benefits of #digitalpayments are spread across a large ecosystem - notably the government, merchants, consumers, banks & Payment Systems Providers (PSPs).

The costs of digital payments are today borne by the banks & PSPs - who pass them on to merchants!
#ZeroMDR 3/
Indirectly merchants pass these on to consumers & have a blended cost. Some explicitly pass these costs to the consumer as a "surcharge".

Today's incentive alignment ensures that cash will continue to be the most (financially) attractive for face2face payments!
Read 18 tweets

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