PIDF Boosts Payment Acceptance Devices To 1.87 Crore in 2022

0
17

The number of payment acceptance devices under the Payment Infrastructure Development Fund (PIDF) has seen a substantial increase in the past year. As of December 2022, the total number of payment acceptance devices under PIDF has reached 1.87 crore, a significant increase from the previous year. The growth in the number of payment acceptance devices is a testament to the success of PIDF’s efforts to expand digital payment infrastructure in India.

PIDF is a government-led initiative aimed at boosting digital payment infrastructure and promoting the use of digital payments in India. The organization provides financial assistance to organizations looking to upgrade their payment infrastructure and install new payment acceptance devices. This has enabled a large number of merchants, small and medium enterprises, and individuals to adopt digital payments, helping to increase the overall financial inclusion in the country.

The growth in the number of payment acceptance devices under PIDF has had a positive impact on the Indian economy, as more and more people are now able to access financial services and participate in the formal economy. The expansion of digital payment infrastructure has also helped to improve the overall convenience and efficiency of financial transactions, as people are now able to make payments using a variety of devices and platforms, including smartphones, point of sale (POS) terminals, and ATMs.

In addition to the growth in the number of payment acceptance devices, PIDF has also launched several initiatives aimed at promoting digital literacy and financial literacy among Indian citizens. The organization has worked with government agencies, financial institutions, and other stakeholders to educate people about the benefits of digital payments and the importance of financial literacy.
On January 5, 2021, the Reserve Bank unveiled the Payments Infrastructure Development Fund (PIDF) Scheme.

The scheme’s purpose was to encourage the installation of physical and digital Points of Sale (PoS) infrastructure in tier 3–6 cities and north eastern states. The Reserve Bank has now decided to consider street vendors in tier-1 and tier-2 centres who have been identified as beneficiaries of the PIDF Scheme under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme). As in the past, the Scheme will continue to cover street vendors in Tier 3 to Tier 6 cities.

LEAVE A REPLY

Please enter your comment!
Please enter your name here