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Fonepaisa co-founder Ritesh Agarwal has met Deputy RBI Governor SS Mundra and pitched for providing interoperable payments solution to revive cooperative banks.
“Fonepaisa, a provider of interoperable payment solutions with the help of technology innovation, could also help the Indian government save 1.7 per cent of transaction costs,” Agarwal said.
Last year, the government had said it would bear the transaction cost for all payments made to it through debit or credit cards and net banking, to promote less cash economy.
“Fonepaisa will help small and cooperative banks to retain their merchants by providing smart financial transaction solutions via bigger banks like IndusInd Bank,” Agarwal informed PTI.
By partnering with Fonepaisa, the smaller banks could save a lot of time and resources since it has all payment options available, he said, adding that it could also help companies solve their invoice problems.
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