CAIT encourages traders to embrace e-payment system, seeks renovated Govt policies

In a recently-concluded roundtable conference hosted by Confederation of All India Traders (CAIT) recently, the association urged the traders to embrace e-payment system not only to avail certain tax benefits and waiver of transaction costs charged by Banks but to also help India grow towards cashless economy. The association also mentioned the process to be beneficial for retail sector’s smooth transition towards adoption of the new Goods & Services Tax (GST) system.

BC Bhartiya, National Secretary, CAIT, told, “Transaction charges are one of the major deterrent in adoption of digital payments in the Country and as such neither the merchant and nor the Consumer is burdened with transaction charges. It is in fitness of things, we look forward to a comprehensive incentive policy from the Government to bring all modes of digital payments including POS terminals, M-POS, mobile wallets, mobile applications, QR code, UPI & Aadhar enabled applications under the ambit of incentive schemes. The CAIT has sought an appointment with Union Finance Minister to discuss the proposals in details.”

“The Non Banking Finance Companies & Micro Finance Institutions should also be brought under the landscape of digital payments to install white label POS terminals by encouraging a scheme to subsidize POS terminals directly or indirectly across both urban and rural areas,” added Praveen Khandelwal, Secretary General, CAIT.

Attended by more than 200 prominent representatives of non-corporate entities, financial institutions, banks and technology providers