Independent Research and Policy Advocacy

What are your views on Making Payments Ubiquitous?

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This post is a follow-up to our earlier post where we had invited public comments on Local Financial Institutions. In this post we seek your thoughts on the theme of Payments.

Making access to formal payments infrastructure universal is a key component of the overall vision of financial inclusion and the RBI vision document on payments correctly aims towards an economy that is eventually entirely cash less. The payment infrastructure in India currently consists of bank branches, post offices, Business Correspondents, ATMs and Point-of-Sale (POS) machines. A number of measures have been taken in recent years by RBI including the creation of payment infrastructure such as National Electronic Clearance Service (NECS), National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS), permission for non-banks to operate White Label ATMs (WLAs), and guidelines for Pre-paid Instruments and Mobile Banking. As India moves towards ubiquity of payments, there are many important questions around costs, technology, authentication mechanisms and interoperability that need to be answered.

To view the questions and share your thoughts on this theme please click here.

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  1. It is impossible to pay for apps or services online even with a valid debit card or credit card. They payment is always declined.

    This is probably because of RBI’s 3D Secure mechanism, I’m not so sure. Something has to be done on this front to make online payments seamless.

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