Government to Amend Laws for Digital Payment Solutions
The government is drafting a comprehensive legal package to amend existing laws and promote a cashless economy.
This package aims to empower local governments and provincial authorities to enforce the availability of digital payment solutions at business and retail outlets.
- The Payment Systems and Electronic Fund Transfers Act, 2007, will be amended to make digital payment modes mandatory for all businesses.
- Businesses will be required to offer at least one digital mode of payment, including QR code facilities.
- Local governments will be authorized to ensure compliance and enforcement.
No direct quote available in the text.
Author's summary: Government drafts legal package for cashless economy.
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