Context:
The Food Safety and Standards Authority of India (FSSAI) has partnered with Bank of Baroda to promote digital payment adoption in the food business sector. The initiative aims to improve financial transparency, reduce cash-based transactions, and encourage small food businesses to transition to secure, traceable payment methods.
Key Highlights:
- Partnership Objective: To integrate digital payment solutions for food business operators (FBOs) across India.
- Target Audience: Street vendors, small eateries, and micro food enterprises.
- Services Offered:
- QR code-based payment systems.
- Training and awareness campaigns for digital literacy.
- Access to simplified banking solutions.
- Implementation Plan: Nationwide roll-out through FSSAI’s regional offices and Bank of Baroda’s branch network.
- Expected Benefits: Enhanced financial inclusion, transparency in transactions, and faster payment processing for small vendors.
