- The digital payments industry in India and the role of payment system operators (PSOs) in ensuring its growth and success.
- The RBI had directed PSOs to implement an ODR system for disputes and grievances related to failed transactions in their respective payment systems by January 1, 2021.
India’s digital payments industry has experienced tremendous growth in recent years, with over 10 billion retail digital payment transactions processed in January 2023 alone. However, Reserve Bank of India governor Shaktikanta Das has raised concerns over payment system operators (PSOs) who are unwilling to comply with regulatory instructions, leading to low customer satisfaction and potential risks to cyber security and data privacy.
In this article, we discuss the importance of PSOs embracing initiatives that deal with public money, upgrading their systems, focusing on good governance and risk management, and maintaining robust IT infrastructure to promote the ease and convenience of digital payments while mitigating potential risks.
RBI Governor Shaktikanta Das on Compliance with Regulatory Instructions by PSOs
The digital payments industry has grown…
