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Government Tightens Grasp on Digital Payments, Increases Vender Acquisition Target of Banks to 100 from 30
June 19, 2017
To promote digital economy faster, the government is now asking the banks to acquire 100 digital payment vendors per branch in comparison to the current 30. However, it may put more burden on the lenders as most of them have not been able to acquire even 15 vendors per branch so far.
The new merchant acquisition target is applicable to all the scheduled commercial banks (SCBs) irrespective of their own model and size. The deadline of the target has also been moved to December from September.
With the vendor acquisition, these merchants will be made digital-payment-ready and will be able to send and accept payments through credit and debit cards, UPI, and Aadhaar-enabled payment systems.
