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India’s payments ecosystem is seeking more stability in the regulatory framework for the fintech sector to prosper.
At a conference organised by the Payments Council of India (PCI), an umbrella body for payment companies, digital payment players urged the RBI to act as an enabler and facilitator of change, and not to burden fintech players by making too many changes in the regulations. With too many changes, industry players said that they have deviated from focusing on innovation to spending more time for compliance.
Vishwas Patel, Chairman, Payments Council of India, said: “Digital payments industry in India is an ever-growing industry, coming a long way from transactions via cheques to new innovative payments instruments, such as pre-paid payment instruments and payments banks, to mention a few. The government’s aim for greater financial inclusion can be achieved with a supportive regulatory and policy framework, and the sector can play an important role in achieving this goal and fulfil the government’s dream of achieving 30 billion transactions by 2018-19.”
The digital payment industry is an emerging and growing market in India. It has been attracting global players to invest in this industry, with the rate of growth of overall volume of payments at 44.6 per cent in 2017-18, which is much higher than the growth rate over the last five years (2011-2016).
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