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Speaking on the Union Budget 2023, which was presented by the Union Finance Minister Nirmala Sitharaman on February 01, 2023, Rajsri Rengan, Head of Banking and Payments, India and Philippines, FIS spoke about the budget and its impact on digital payment and 5G sector.
In a recent statement on the Budget 2023, Rajsri Rengan, Head of Banking and Payments, India and Philippines, FIS said, “The achievement of Rs 126 lakh crores of digital payments through UPI in 2022 from Rs 7400 crores is a big milestone for India.”
“Moreover, the initiatives including the extension of the Bharat Bill Payments System for NRIs, approval of Rs 2,600 crore incentive scheme for FY24 for RuPay debit card and UPI transactions, and growing digital payment acceptance with digital infrastructure have given a big boost to digital payments via UPI in India as well as global level,” Rajsri added.
Further continuing with the budget reaction, Rengan with, “The government’s plan to set up 100 labs for developing 5G apps and the use of 5G technology in the financial sector will further ensure faster and more efficient digital transactions in India.”