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Budget 2022: Demand to promote new technologies in fintech, emphasis should also be given on skill development

All sectors and sections have their own expectations regarding the upcoming budget. From fintech companies to startups and from banking to insurance sector, they are pinning their hopes on this. Everyone is expecting some relief from the budget.

All sectors and sections have their own expectations regarding the upcoming budget.

Finance Minister Nirmala Sitharaman on February 1 (Finance Minister Nirmala Sitharaman) Union Budget for the Financial Year 2022-23 (Budget 2022) Will present This will be the fourth general budget of the second term of the Modi government. corona pandemic (Coronavirus Pandemic) This budget coming in the era becomes important. All sectors and sections have their own expectations regarding the upcoming budget. From fintech companies to startups and from banking to insurance sector, they are pinning their hopes on this. Everyone is expecting some relief from the budget.

Need for more focus on research

Regarding the upcoming budget, Mastercard company said that they expect to promote new technologies in fintech, enable digital infrastructure, digital India and new solutions with a focus on security and convenience for both merchants and consumers. We do. Investment in research and development can be encouraged to introduce new products and bring progress, especially in the backward areas of rural India. Support in technology, skill-development in start-ups will go a long way in improving fintech.

He said that in order to pass on the benefits of fintech and digital payments to customers in rural areas, the government can focus on strengthening the digital foundation. The company said payment touchpoints, internet connectivity in remote areas and digital security features for businesses will boost fintech. Will facilitate faster transactions to merchants and speed up payment policies.

Steps to be taken to promote digital payment

MasterCard has consistently welcomed and supported new initiatives towards promoting Digital Over Cash. According to the company, giving the right incentives to banks and merchants to further digitize the country’s payments and adopt an economic model, will further boost electronic payments in the country.

The company said in the statement that this epidemic has created a state of disaster in the country and its biggest impact has been on small businesses. He said that he supports the timely decisions taken by the government. They will continue to provide digital financing services to small businesses, thereby strengthening MSMEs. Solutions like supply chain facilities, subsidy loans and easing of GST slabs will give a new identity to the traders. Asset-light innovation has to be promoted to take the benefits of digital payments to the masses.

Ultimately, promoting digital payments and financial awareness can make India a $1 trillion economy, the company said. Mastercard will continue its efforts towards this goal along with its partners.

read this also: Relief on income tax in budget 2022, tax on fuel should be reduced: Report

read this also: Budget 2022: Government can make this big and important announcement for the telecom sector in the budget, read details

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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