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Quotes from multiple clients on RBI increasing the limit for contactless payments in India. (M-Swipe, ICICI Securities, NPCI, BOI)

Bank of India :

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Shri A. K. Das, Managing Director & CEO, Bank of India- A pragmatic policy to nurture growth and contain inflation post-COVID-1.

The Policy while maintaining an accommodative stance and keeping benchmark rates steady, aims towards financial stability. Acknowledging transiently elevated inflation, the policy has adopted a balanced approach. Overall, a pragmatic policy to nurture growth and contain inflation post-COVID-19.

ICICI SECURITIES:

Ms. Anagha Deodhar – Economist

Ms. Anagha Deodhar – Economist, ICICI Securities on the RBI Monetary policy

Today’s monetary policy review was largely a non-event. In line with our expectation, the MPC kept rates unchanged and vowed to keep the stance accommodative at least during the current financial year and into the next financial year. It noted that inflation is likely to remain elevated despite some possible softening during the winter months. Accordingly, it upped its inflation forecast to 6.8% in Q3 and 5.8% in Q4FY21. Given the positive growth impulses, the committee also upped its growth forecast to -7.5% during FY21 from -9.5% in the Oct review. Given the expected inflation and growth trajectory, we believe the committee may stay put on rates through 2021.

M – SWIPE:

Manish Patel, Founder and CEO

Manish Patel, Founder, and CEO, Mswipe said,

“At Mswipe, contactless payments have spiraled from 13% of total transactions in January 2020 to 30% of total transactions in November 2020. While the initial push this year was obviously the social distancing phenomena and minimal touching of surfaces to avoid contracting the virus, the convenience and quickness that contactless payments bring to end consumer and merchants during check out stage was the real driving factor that saw a continuous growth in contactless payments, especially QR month on month this year. RBI’s move of increasing the limit to Rs.5,000 will unlock the true potential of contactless payments and allow SMEs to accept digital payments for larger ticket size transactions. Be it a monthly Kirana bill, spa service, or a course fee, the spectrum of products and service that can be paid through contactless payments will definitely expand with this new move.”

(Mswipe is the only player that has a complete range of digital payment solutions for SMEs in India including UPI QR, NFC based Tap and Pay, POS and Payment Link. The largest POS acquirer in India with 6.75 lakh POS and 1.1 million QR merchants, Mswipe is also the fastest-growing issuer with its prepaid Moneyback Card.)

NPCI:

Mr. Dilip Asbe – MD & CEO, NPCI

This is a welcome step by RBI to increase transactions and e-mandate limit. The increased limit will also help to boost the average value of transactions and push the adoption of digital payments. This step reaffirms the commitment of the country to become a less-cash economy.

The announcement will help RuPay cardholders to make secured contactless transactions of up to Rs. 5000 on the go thereby facilitating them with a hassle-free transaction experience. Similarly, this will be a major boost to the users of recently launched UPI AutoPay functionality for the customers to execute their high ticket recurring payments like utility bills, investments, two-wheeler EMIs, consumer durable EMIs, etc. seamlessly. The move will also help customers to on-board into BHIM UPI for performing easy and convenient P2P and P2M transactions.

NPCI continues to play a pivotal role in driving the digital India mission through constant innovation, spreading awareness and deploying robust technology and infrastructure for a seamless, secure and convenient payment experience.

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