India’s Finance Minister Nirmala Sitharaman suggested a handful of benefits for the startup ecosystem and accelerated the growth of digital services in the annual budget on Monday as the South Asian nation seeks to revive the economy hard hit by the coronavirus pandemic.

Sitharaman said the nation has allocated Indian rupees 1,500 million ($ 205.3 million) to incentivize digital payments adoption. Market leaders Paytm, Google Pay and PhonePe are in an intense battle to get people in India to pay digitally. However, companies are struggling to find a viable business model for their core payment service.

Many companies have urged the government to abolish the Merchant Discount Rate (MDR), which prevents companies from charging merchants for processing transactions. (Firms in India have agreed not to charge individuals for processing their payments, but have suggested that they should be able to bill merchants.) No announcement on …



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