Please enable JavaScript.
Coggle requires JavaScript to display documents.
DIGITAL PAYMENT ECOSYSTEM, own computer, seen as Additional tax - Coggle…
DIGITAL PAYMENT ECOSYSTEM
Reserve Bank of India (Digital Payment Security Controls) directions, 2021
need
tackle incres. instances outages, frauds, cyber breaches
improve
security, control, compliance
banks
gatrways
wallets
other non banking ent
Protect
confidentiality customer integrity data
integrity of data
processes assoc. digital product offered
efficient & effective
dispute resolution mechanism
handling customer grievance
helps achieve
goal
less cash & cashless
applicability
regulated entities
scheduled commercial banks
small finance banks
payments banks
credit card issuing NBFC
third party payment apps
payment operators & gateways
under directions
RE
formulate policy w/ approval boards
D.P Pay. & services
implement multi-tier app archi.
segregating app - database-presenTN layer
fraud risk mgmnt.
real time/near real time reconciliation pymt. transactions
b/w RE & stakeholders
Customer Protection, Awareness & Grievance Mechanism
Internet banking, Mobile pay. , card pay. security controls
About
pay. & settlement systems act, 2007
defines digital pay./electronics funds transfer
transfer funds
instruction, authorizn., or order of banks
debit acc. main. w/ bank
electr. means
inclu.
point of sale trsfr
ATM trnsctns
direct depo.
transf ini. telephone internet card pay.
wthdrwls funds
D. pay.
diff. mod.
NEFT
RTGS
IMPS
Debit & Credit Cards
volume sgmnts
domin-Debit Cards, PPIS, IMPS(50%)
value sgmnt
domin. - RTGS & NEFT(53%)
digi. trnsctns per capita
2.38(2014)
22.42(2019)
chall
technological
lack integr. online pay. sys
diff platforms
processing pay. delays
Security
vulne.
cyber crimes
data theft risks
hacking & cyber security breaches
financial loss - consumers
reputational loss- company
Infra.
Small Service providers
not enough reso.
invest pay. infr.
Nielson report
70% rural popu. active internet conne.
Digital illiteracy
4.4% rural popu.
23.4% urban popu.
Merchant discount rate
initatives
Payment & settlement systems ACT 2007
regula. & supervisoin
pay. systms
RBI - Authority
Payments Infrastructure Development Fund (PIDF) by RBI
encou. acquirers
deploy PoS infra.
DigiShala
free doordarshan DTH edu. chann.
awareness
elecr. pay.
Vittya Saksharta Abiyan
actively engage youth/stud. HEIs
enco. motivate
payers & payees
dig.ly ena cashless econ. sys.
initiaves
Standardisation devices & browsers
pay. uniform
browsers
devoces
gateways
engage confi. users
Awareness and education
consum. still wary digital pay.
companies need educate security advantages more tradi. manner
Internet Mobile Phone accesiblity
governt.-stakeholders
improve internet penitration
Incentives & Rewards
more consum. switch digi. pymnt
higher rewards & reediming rewards simplicity
redeeming rewards
Sources
Digital Payment
own computer
42% urban households computer+internet
14.9% rural households computer+internet
seen as Additional tax
Transaction charges
hesitate digi. pay. mode