From February, not accepting digital payments will face heavy fines. Stay calm, PayU is here to help you. :- www.deekpay.com

Recently, our government, in an effort to promote a "cashless" economy, announced that from 1 February 2020, businesses with an annual turnover of Rs. 50 million will have to provide prescribed digital payment methods to their customers. Failure to do so will result in a hefty fine of Rs 5,000 per day!

The prescribed modes of payment include debit cards supported by RuPay, BHIM UPI and digital modes of transaction such as UPI QR code, apart from this, businesses will have the option to offer other electronic payment methods to their customers. Here are the details of the notification.

The notification issued by the Central Board of Direct Taxes (CBDT) said, "In order to give sufficient time to the designated individuals to install and activate the facility of accepting the prescribed e-payment modes, it is hereby clarified that no penalty will be levied in case the designated individual installs and activates the relevant facility on or before 31st January, 2020."

The government hopes that this move will not only boost the Digital India programme but also the overall economy.

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Not only the government, but also people are increasingly inclined to digitise everything. According to statistics, more than 1 billion people are willing to complete transactions online. The trend of digitisation of payments in India is unstoppable. Businesses should take full advantage of the technology and innovations offered by online payment solution providers.

Done well, payments can be a gateway to a wider range of digital financial services. To this end, the digitisation of small and medium-sized businesses, as well as consumers, is crucial. While some businesses are rapidly transitioning to the digital world, many SMEs still need to introduce these technologies.

If you haven't started accepting payments online yet, join PayU today.Sign up with PayU and you can start accepting payments in minutes. We offer a comprehensive portfolio of products to meet the payment needs of all types of businesses. Whether you have a website or not, whether you wish to accept payments online or offline, through QR codes or by sending payment links to your customers' WhatsApp or SMS, PayU can be your trusted payment solutions provider.

In fact, PayU is much more than just a payment gateway. Read here to learn how PayU can be the best online payment solution for your business.

PayU processes over 1.8 million transactions per day and has 350,000 active merchants, helping businesses accept digital payments smoothly. If you too want to start accepting online payments in minutes.