"Currently, the interchange fees are grossly inadequate to cover cost, let alone making profit. So, we have been urging RBI, NPCI (National Payments Corp of India) and the finance ministry to reconsider this," he said.
The RBI had last hiked interchange fees for WLA cash transactions in 2019, after a period of nine years. Srinivas said the rise in interchange fees can be considered as interest rates have shot up significantly due to the RBI's cumulative 2.5% repo rate hike delivered during the current fiscal and higher fuel and machinery costs, among other factors. Indial Payments currently has about 13,000 WLAS, with almost 90% of them located in the semiurban and rural areas (SURU). It aims to increase the number of WLAS to 25,000 in the next three to four years.
This story is from the December 20, 2023 edition of Financial Express Mumbai.
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This story is from the December 20, 2023 edition of Financial Express Mumbai.
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