Fonepaisa Co-Founder Ritesh Agarwal has met Deputy RBI Governor S S Mundra and pitched for providing interoperable payments solution to revive cooperative banks. Fonepaisa, provider of interoperable payment solutions based on technology innovation, could also help the Indian government save 1.7 per cent of transaction costs, Agarwal said. Last year, Indian 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 Indusland Bank. We have partnered with Indusland Bank,” Agarwal told PTI. By partnering with Fonepaisa, the smaller banks could save a lot of time and resources since it has all payments options available, Agarwal said, adding, that it could also help companies solve their invoice problems.
Another benefit the merchants would get with Fonepaisa was the unlimited withdrawals of loans which mobile wallets like Paytm and Mobiquick can only disburse loans not exceeding Rs one lakh. Agarwal said Fonepaisa is giving merchants the options to enjoy products from all banks by being their extended sales partners.
Moreover, Agarwal said Fonepaisa addresses the problem of downloading innumerable payment apps on phones and connectivity problems with Point Of Sale machines.