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Synopsis
As reported by ET on October 21, a surge in online payments since the onset of the pandemic is leading to high rates of transaction failures and a pile-up in credit reversals, as banks aren’t investing sufficiently to upgrade their infrastructure since they have no incentive to do so.
New Delhi: The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) are examining whether the digital payments ecosystem needs tighter regulatory oversight, with the rethink prompted by growing antitrust and data privacy issues along with technology inadequacy of banks.These are also the primary issues that are holding back WhatsApp Pay’s permit to start operations in India, people familiar with the matter told ET.
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