Informist, Wednesday, Dec 8, 2021

MUMBAI – The Reserve Bank of India will release a discussion paper to cover all aspects related to charges involved in various channels of digital payments such as credit cards, prepaid payment instruments, unified payment interface, among others.

The paper will be released in a month's time, according to the RBI's statement on developmental and regulatory policies, released alongside the monetary policy statement today.

According to RBI, a significant increase in acceptance infrastructure for digital payments was achieved in the recent years through concerted efforts of all stakeholders.

Entities involved in providing digital payment services incur costs, which are usually recovered from the merchant or the customers or is borne by one or more of the participants, it said.

While there are both advantages and disadvantages of customers bearing these charges, RBI noted that they should be reasonable and should not become a deterrent in the adoption of digital payments.

The discussion paper will also seek feedback on issues related to convenience fee, surcharging, among others, and the measures required to make digital transactions affordable to users and economically remunerative to the providers.  End

Reported by Shreejit Nair

Edited by Shirsha Thakur

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