Deeping Digital Payments in India, PCI welcomes the RBI move on formation of committee

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Mumbai, 10th January, 2019:

The Reserve Bank of India in its vision to encourage financial inclusion by endorsing digitalization in payments has constituted a 5 member committee chaired by Shri Nandan Nilekani, Former Chairman, Unique Identification Authority of India.

Mr. Vishwas Patel, Chairman, Payments Council of India on this occasion expressed his views by welcoming the progressive step taken by RBI on the constitution of the Committee on Deepening of Digital Payments.

This move can be conceived as a positive move for the flourishment of the Digital payment industry addressing the problems which are being currently faced by the industry. As per the objectives of the committee, it is committed to provide a roadmap for increasing the customer confidence and trust while accessing the financial services through digital modes. This would benefit the digital payment industry by providing them with a solution to restoring the faith of customers as restoring customer confidence has been one of the biggest problems faced by the industry, he said.

This high-level committee would be responsible to review the current status of digitalisation of payments in the country, would identify the gaps in the ecosystem and suggest ways to bridge them. The committee would also suggest the best practices that could be followed to strengthen the safety and security of digital payments. This study by committee would be submitted within the time frame of 90 days.

The committee is formed with an aim to not only address the current issues faced by the industry but would also suggest remedies which would help in achieving higher level of digitalisation in payments. Payments council of India (PCI), the representative body of payments system companies in India feels that the formation of a committee by RBI dedicated to the enhancement of digital payment ecosystem is surely a positive sign for path towards an inclusive growth of an industry facilitated by the regulators. PCI has been a been a part of various committees and working groups formed earlier to accelerate the digital payments in India including the committee formed under the chairman ship of Shri Ratan Watal. PCI also hopes that that newly formed RBI committee looks into the recommendations of the earlier committees and reviews the prosed action items pending implementation. PCI will continue its support as an Industry body towards this common vision of moving into a less cash society

The report of the committee can help the Digital Payment industry in realising the potential of growing into a $1 trillion market by the year 2023 as predicted by Niti Aayog in its report Digital Payments – Trends, Issues and Opportunities. New technological innovations and facilitating policies by the regulators be a perfect blend for the growth of any industry