Post-budget 2018 Reaction Mr. Kumar Srinivasan, CEO (India), Matchmove Pay Pvt. Ltd.

Since the government’s push for a cashless economy with the announcement for demonetization in India, we have seen a rapid transformation and growth in the digital payments segment. With an unbanked population of over 250 million Indians and the country moving towards 520 million smartphone users by 2020, it is a wise move by the government to incentivize digital payments to encourage consumers to shift to “cashless” and increase bandwidths to reach out to a larger populace. The Direct Bank Transfer (DBT) scheme and Jan Dhan Yojana scheme are some of the major initiatives by the Government that has helped to boost India’s digital payments agenda.
He further added, “ By granting an infrastructure status to digital payments companies like us, this will open new opportunities, with our proprietary technology in digitally “moving money”, to continue our efforts in alignment with India’s vision to drive our partners, their stakeholders as well as the end-users to adopt and scale into a cashless economy towards a ‘Digital India’.

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