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

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
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 17 2018 | 5:59 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com