Categories: Business

Payment acceptance devices under PIDF increase to 1.87 crore till Dec 2022

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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

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.

Government Approved Conversion of Rs 16,133 Crore Interest dues of Vodafone Idea into Equity

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.

Reliance Retail to Accept Digital Currency for Payments

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.

Also Read: Google Invests $300 million in Artificial Intelligence Startup Anthropic

Recent Posts

Which City is Known as the Science City of India? Know About It

India has many cities known for their unique identity, and some of them are famous…

25 mins ago

Fitch Ups India’s FY26 Growth Forecast to 7.4% Amid Strong Consumer Demand

Global credit rating agency Fitch Ratings has revised India’s GDP growth forecast for FY26 to…

39 mins ago

Asim Munir Formally Appointed Pakistan’s First Chief of Defence Forces

In a landmark shift in Pakistan’s military command structure, Field Marshal Asim Munir has been…

40 mins ago

Top 10 States with Smart City Projects in India (2025 Update)

India’s Smart Cities Mission (SCM), launched in 2015, is entering its final stretch with an…

1 hour ago

November 2025 Month Current Affairs PDF

Welcome to the November 2025 Edition of the Affairs PDF – your all-inclusive monthly guide to…

2 hours ago

RBI’s ₹1 Trillion OMO Purchase: What It Means and Why It Matters

The Reserve Bank of India (RBI) recently announced two major liquidity measures, a ₹1 trillion…

2 hours ago