New Delhi, July 17: The Payments Council of India (PCI) has asked for compensation from the government for losses incurred due to 'zero' merchant fee. PCI has addressed the letter to Union finance ministry, the ministry of electronics and information technology (MeitY) and the country’s banking regulator, according to an Economic Times report. Google Pay: Cashback Incentives to Push Digital Payment in India.
This issue has divided the payments industry into two groups. Paytm’s Vijay Shekhar Sharma has hailed the government’s decision, terming it as beneficial for the industry, while others like Vishwas Patel, chief executive officer of CCAvenue Payment Gateway, are leading the drive to seek redressal.
In the Union Budget for 2019-20, the government announced that there would be no charges levied on merchants processing digital payments as well as on consumers opting to pay digitally.
(The above story first appeared on LatestLY on Jul 17, 2019 11:49 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).