Spurring digital payments in India

We need to understand that payments is a commercial activity and hence cannot be treated on par with banking. What is needed is an integrated payments institution to encourage competition

Digital payment
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Naveen Surya
The Reserve Bank of India (RBI) recently warned of a “concentration risk” in the retail payments sector as a vast majority of the transactions were being done by a handful of digital banking giants. The central bank added it has planned to further boost competition in the booming sector to promote pan-India payment platforms and give innovation in the industry a leg up. The RBI aired its thoughts in its “Statement on Developmental and Regulatory Policies”, released in early June.

However, things may be back to square one as Indians — long used to the allure of cash — are going
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First Published: Jul 17 2018 | 5:59 AM IST

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