The proverbial invisible hand of the market, acting through competitive pressures, will yield far more effective results than heavy-handed price regulation in the payments services market
Other proposals that may figure in the annual financial statement include development of new portals by tax bodies to collect tax digitally. All these steps are aimed at promoting electronic payment modes.
The Union Cabinet today unveiled steps to promote electronic payments, including a direction to abolish payment of any surcharge or service charge on transactions done through the digital medium -- either through cards or wallets.