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Digital Payments

The budget should also announce some provisions to ease financial burden on fintechs and provide tax saving benefits to startups in the sector.

Akash Sinha, CEO & Co-Founder, Cashfree Payments

In the Union budget 2024-25, the government should further push for initiatives that will focus on boosting adoption of digital payments in tier 2 and beyond regions. Policies should incentivise creation of a fertile environment for fintech startups to innovate and build products and solutions that will be more inclusive, adaptable for both consumers and businesses. I also expect the introduction of regulatory frameworks that will help curb digital fraud and build a safer and more secure digital payment environment, reinforcing the trust of users in digital transactions. There is a call for the implementation of a standardized KYC framework across all financial services, aiming to enhance efficiency and promote financial inclusion, in a secure way. Overall, the budget should also announce some provisions to ease financial burden on fintechs and provide tax saving benefits to startups in the sector.

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