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Payments Infrastructure Development Fund (PIDF)

  • June 6, 2020
  • Posted by: admin
  • Category: DPN Topics
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Subject: Economy

Context:

The Reserve Bank of India is going to create Rs 500-crore payments infrastructure development fund (PIDF) to encourage acquirers to deploy points of sale (PoS) infrastructure both physical and digital modes in tier-3 to tier-6 centres as also in northeastern states.

Concept:

  • Half of the fund will be initially contributed by RBI
  • The remaining contribution of the fund will be from card-issuing banks and card networks operating in the country.
  • The fund will be governed through an Advisory Council and managed and administered by RBI.
  • The fund will also receive recurring contributions to cover operational expenses from card-issuing banks and card networks.
  • RBI will also contribute to yearly shortfalls, if necessary.

Need for the fund:

  • Due to the high cost of merchant acquisition and installation the majority of POS terminals in the country are concentrated in Tier-1 and 2 cities and towns, leaving other regions behind.
  • This fund will make the economics more favourable and will significantly increase the merchant base accepting digital payments
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