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Below the Quote on Pre-budget by Rahul Jain – CFO, NTT DATA Payment Services India

The Union Budget 2025 should allocate more funds to incentivize the use of low value BHIM UPI-based payments and Rupay debit card. Bank and payment service provider, and NPCI typically incur a cost of nearly 0.25% of transaction value for processing a UPI P2M transaction. As UPI continues to rise exponentially, it is important for the payment ecosystem to invest in emerging technologies such as Artificial Intelligence (AI), face recognition payments, and blockchain. These technologies will make the digital infrastructure more robust, ensuring the safety of digital payments. To address the rising concerns of digital fraud, it is essential to create stringent mechanisms to mitigate these risks. Strong government support for the digital payment ecosystem, along with streamlined policies, can foster financial inclusion, innovation, and growth in the fintech sector. Additionally, targeted initiatives for employment generation and skill development will further bolster this growth. By focusing on these areas, the Union Budget 2025 can play a pivotal role in enhancing the digital payment landscape and ensuring a secure, inclusive, and innovative financial ecosystem.

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