PhonePe has become the first in the country to begin charging for mobile recharges. The digital payment app has begun levying processing fees ranging from Re. 1 to Rs. 2 per transaction for mobile charges above Rs. 50.
Budget 2021: Startup ecosystem reacts to fintech provisions announced by FM Nirmala Sitharaman
Fintech startups across the board welcomed FM Nirmala Sitharaman s Rs 1,500 crore proposal to boost digital payments, saying it was a testament to how the industry proved it worth during the COVID-19 crisis.
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Union Finance Minister Nirmala Sitharaman s Budget 2021 contained several incentives for the burgeoning financial technology industry, which saw monumental growth last year in areas, including
digital payments, retail investments via online brokerage platforms, insurance buying, and digital banking, among others.
Some of these were:
A world-class fintech hub at GIFT City (Gujarat International Finance Tec-City) aimed at encouraging and developing innovative financial technology services and products.