IAMAI & PCI welcome the demonetisation of higher value currency notes

NEW DELHI: The Internet and Mobile Association of India (IAMAI) and its fintech arm Payments Corporation of India have welcomed the Prime Minister's move to demonetise Rs 500 and Rs 1,000 currency notes.

According to PCI, this will move will lead to huge reduction in Cash on Delivery transactions and will definitely provide boost to Internet commerce and payments.

"I along with Payment Council of India and ItzCash greatly admire this move and provide our full support." He said that fintech sector in India will undoubtedly gain from this move, as it’ll indirectly increase virtual transactions," said Naveen Surya, chairman of PCI and MD of ItzCash.

The PCI under IAMAI includes companies such as CCAvenues, Citrus, CCAvenues Fino Paytech Ltd, fonepaisa, MMP Mobi Wallet and so on as members.

In a major surprise move, Prime Minister Narendra Modi on Tuesday announced the demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight, making these currency papers invalid.

The move has been largely seen as an opportunity for payment wallte and online payment companies.