Payment System Operators

RBI issues norms to improve safety of payment systems with fraud monitoring

The RBI on Tuesday said non-bank payment system operators will have to put in place a real-time fraud monitoring solution to identify suspicious transactional behaviour and generate alerts. Also, non-bank payment system operators (PSOs) will have to ensure that an online session on mobile application is automatically terminated after a fixed period of inactivity and customers are prompted to re-login, according to Master Directions on Cyber Resilience and Digital Payment Security Controls for non-bank PSOs. The directions have come into effect from Tuesday, but the Reserve Bank has also prescribed a phased implementation to provide adequate time to PSOs to put in place the necessary compliance structure. RBI said the directions aim to improve safety and security of the payment systems operated by PSOs by providing a framework for overall information security preparedness with an emphasis on cyber resilience. Regarding mobile payments, RBI said PSOs should ensure that an authenticat

RBI announces draft cyber security norms for payment system operators

Seeks feedback on draft norms from payment system operators by June 30

Non-bank PSOs need approval for takeover or sale of business, says RBI

After approval, a public notice of at least 15 calendar days needs to be given before making the changes

Mastercard's 'smile to pay' raises concerns around face recognition systems

The company argues touch-less technology will help speed up transaction times, shorten lines in shops, heighten security and improve hygiene in businesses

Facebook Messenger rolls out 'Split Payments' feature in US

Meta-owned Facebook Messenger is also introducing voice message recording controls and a mode for sending disappearing messages

RBI imposes penalty of Rs 1 cr each on One Mobikwik, Spice Money

'It was observed that the entities had not complied with the directions issued by RBI on net-worth requirement for Bharat Bill Payment Operating Units,' says RBI

RBI issues guidelines to set up self-regulatory organisation for PSOs

The Reserve Bank on Thursday issued final guidelines, including the framework, to set up a self-regulatory organisation for payment system operators

RBI bars payment system operators from launching any new QR codes

Currently, there are two interoperable QR codes -- UPI QR and Bharat QR

RBI tweaks norms for imposing penalties on payment system operators

The amount of monetary penalty would vary depending on the impact on account of various factors

All payment system operators will have to keep data in the country: RBI

The central bank will issue detailed instructions in this regard within one week