RBI policy review: Digital payments to gain from dose of competition

Retail payments grew by nearly 45% in volume and 30% by value during 2017-18

The Reserve Bank of India (RBI) plans to encourage more retail payments players as the sector is currently dominated by a handful of companies, including banks and wallets.

“With the maturing of the retail payments market, it is important that the concentration of risk in retail payments systems is minimised from a financial stability perspective,” said the central bank in its ‘Statement on Developmental and Regulatory Policies’. 

It “plans to encourage more players to participate in and promote pan-India payment platforms so as to give a fillip to innovation and competition in the sector.” A policy paper in this regard