Payment acceptance devices under PIDF Increase
According to the RBI’s most recent status report, there were approximately 1.87 crore physical and digital payment acceptance devices deployed under the Payments Infrastructure Development Fund (PIDF) Scheme as of December 31, 2022.
Payment acceptance devices under PIDF increase to 1.87 crore: Key Points
- As of September 30th, 2021, there were 4,85,415 physical devices (PoS, mPoS (mobile PoS), GPRS (General Packet Radio Service), PSTN (Public Switched Telephone Network), etc.) and 1,82,88,974 digital devices (inter-operable QR code-based payments such as UPI QR, Bharat QR, etc.).
- The Reserve Bank will begin implementing the PIDF Scheme on January 1, 2021, and it will subsidise the installation of Points of Sale (PoS) infrastructure in tier-3 to tier-6 cities as well as the northeastern states of the nation.
Coverage of Payments Infrastructure Development Fund (PIDF) Scheme
- Beneficiaries of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in Tier-1 and Tier-2 centres were also covered as of August 26, 2021.
- Additionally, starting on June 9, 2022, the J & K and Ladakh regions were special emphasis areas.
- As of December 31, 2022, the PIDF corpus was 788.20 crore (up from 613.89 crore in November 2021).
- The Reserve Bank, authorized card networks, and card-issuing institutions all contribute to the PIDF.
About Payments Infrastructure Development Fund (PIDF) Scheme
- The Reserve Bank announced the Payments Infrastructure Development Fund (PIDF) Scheme on January 5, 2021.
- The scheme’s goal was to promote the implementation of physical and digital Points of Sale (PoS) infrastructure in tier 3 to tier 6 cities and north eastern states.
- The Reserve Bank has now decided to count street vendors who have been designated as beneficiaries of the PIDF Scheme under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres.
- The Scheme will continue to cover street sellers in Tier-3 to Tier-6 cities as it has in the past.
The Reserve Bank’s efforts to support the promotion of digital transactions at the grassroots level will gain momentum as a result of this decision to broaden the targeted beneficiaries under the PIDF scheme.