“The Union Budget 2017 is a significant move to push digital payments. The biggest highlight from the technology perspective is the exemption of components from taxes to encourage domestic manufacturing of these devices by providing exemptions like BCD (basic custom duties), excise duties, CVD (countervailing duties), SAD (special additional duty) on miniaturised card readers and mPOS micro atms, finger print readers, scanners and iris scanners. The 2017 Budget has opened the doors that will allow people to avail long term benefits of digitalisation and make digital transactions more safe and secure. Incentivising Iris based authentication can go a long way in embracing the digital way of life.
Schemes such as Aadhaar Pay for people who don’t have mobile phones, cash back scheme for merchants, Aadhaar-based smart cards with health details for senior citizen etc will reemphasise government’s approach towards making India a more cashless economy,” said Mr Tamaal Roy, CEO, Biomatiques Identification Solutions Pvt. Ltd.