PhonePe, has announced that it has digitized 80 lakh offline merchants as a part of the RBI PIDF (Payments Infrastructure Development Fund) scheme in the last eighteen months. The Payments Infrastructure Development Fund was set up by the Reserve Bank of India (RBI) to subsidize deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in every centres and North Eastern States of the country.
The PIDF scheme, PhonePe was able to double down and create digital payment infrastructure across the country, and digitize even far-flung terrains which had so far not been digitized. The PhonePe Pulse data shows that PhonePe’s consistent efforts to educate, engage and empower merchants has led to phenomenal acceptance of digital payments in the North East Region (NER), which is one of the focus areas of PIDF also.
Speaking on the development Vivek Lohcheb, Head of Offline Business said, “The PIDF scheme has boosted that infrastructure and is helping us create universal acceptance in every nook and corner of the country.”
