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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