Published on 20/04/2017 10:34:04 AM | Source: Dion Global Solutions Ltd

infrastructure of digital payments to increase 3 times in 2017: MeitY

Posted in Economy News| #Economy #Digital Money

The Ministry of Electronics and IT (MeitY) has said that the infrastructure of digital payments in India is expected to increase three-fold by the end of 2017 with almost five million electronic point of sale (PoS) machines.

Commenting on the issue, MeitY Secretary Aruna Sundararajan told the media, "We expect that by December, the number will actually go up to five million PoS, which means that the infrastructure for digital payments is going to grow three times in the short span of one year."

The MeitY Secretary further said that the use of PoS machines in the country has already doubled since the government's demonetisation move. "We know that in the last 30 years... or even a little longer... since the digital payments have been around, we had about 1.5 million electronic PoS (machines).

In the last four months since demonetisation, this number has doubled and today we are at three million PoS," she added