Fraught with risk

Unless govt sets up e-payments regulator to supervise justice, success of system is doubtful

Even as the central government pushes for e-payments, the system is fraught with the risk of scams and problems for a large number of potential users. Unless the government sets up an e-payments regulator to supervise and deliver justice to customers in response to their complaints, the success of the system is doubtful. 

Notice how government and/or semi-government agencies charge commission through payment agencies. For whose convenience do the payment agencies accept such an amount — for beneficiaries like the Municipal Corporation of Greater Mumbai, the Maharashtra State Electricity Distribution Company Limited and the Indian Railway Catering and Tourism Corporation? Convenience surcharge should be borne only by the beneficiaries. Such charges are not mentioned in the receipt the customer gets from the agencies, but the amount is debited from her bank account. 

The regulator must be equipped with the latest technology to detect fraud. The Indian Penal Code needs to be amended to issue stringent penalties for fraud and misappropriation of funds.

Unless the government is able to ensure a high level of security in e-payments, pushing for the system is dangerous for customers.

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