New age firms in payment space reluctant to comply with rules at times: Das

The payments landscape in India has evolved into a state-of-the-art system that is affordable, accessible, convenient, fast, safe and secure, said RBI governor

New age tech firms who are entering the payments ecosystem and coming under the regulatory ambit for the first time have shown reluctance to comply with regulatory instructions at times, citing various reasons like the cost of carrying out system-level changes, said Shaktikanta Das, Governor, Reserve Bank of India (RBI).
 

Speaking at the Payment System Operators (PSOs) conference in Kochi, Das said, “Since payment system operations are heavily dependent on technology, many new-age tech firms are entering the payments ecosystem. Some of them have come under the regulatory ambit of the Reserve Bank for the first time. At times,