High Level Committee on Deepening of Digital Payments

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High Level Committee on Deepening of Digital Payments

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High Level Committee on Deepening of Digital Payments

Table of Contents

Preface ............................................................................................................................. 7

Acknowledgements .......................................................................................................... 8

1.

Executive Summary .............................................................................................. 11

2. Status of Digitization of Payments.............................................................................. 19

2.1

Digital Payment Definition ......................................................................................... 19

2.2

Digital Transaction Metrics ......................................................................................... 21

2.3

High Value Payment Systems ..................................................................................... 27

2.4

Card based payment systems ..................................................................................... 31

2.5

Non-Card Retail Payments Systems ............................................................................ 42

2.6

Issues Related to Digital Payments ............................................................................. 52

2.7

Summary ................................................................................................................... 53

3. Government Payments............................................................................................... 57

3.1

Current Status............................................................................................................ 57

3.2

Challenges ................................................................................................................. 59

3.3

Recommendations ..................................................................................................... 62

3.4

Impact of Recommendations ...................................................................................... 63

4. Financial Inclusion...................................................................................................... 67

4.1

Overview of Financial Inclusion .................................................................................. 67

4.2

Financial Institutions for Inclusion .............................................................................. 68

4.3

Issues and Possible Solutions ..................................................................................... 71

4.4

Recommendations ..................................................................................................... 72

5.

Important Enablers to Digitization ........................................................................ 81

5.1

Know Your Customer / Customer Due Diligence Requirements ................................... 81

5.2

Recurring Payments ................................................................................................... 84

5.3

Cash in Cash Out Networks ........................................................................................ 84

5.4

Ticketing .................................................................................................................... 88

6.

Incentivising Digitization of Payments .................................................................. 91

7. Increasing Customer Confidence and Trust While Accessing Financial Services ............. 95

7.1

Overview ................................................................................................................... 95

7.2

Business Continuity for Digital Payments .................................................................... 95

7.3

Current Failure Rates ................................................................................................. 95

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