Too many payment systems: RBI deputy governor B P Kanungo

The country might be having too many products in the payments space; some of these have possibly outlived their utility, said B P Kanungo, one of the Reserve Bank of India’s deputy governors.

The market and users should encourage some consolidation in this regard —exit routes for some of these payment service providers and products should be 'actively pursued', he suggested.

Another issue he raised was the low level of financial literacy across “all geographies and regions, not just rural or semi-urban, north or south… it is equally true of the staff at the front desks of bank branches”. 

Many consumers, especially those recently introduced to digital forms of money payments, are unaware of the security issues in this regard. Also, awareness of grievance redressal mechanisms.