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Digital Payments Companies Displeased with New Rules

October 24, 2017

Digital Payments Companies Displeased with New Rules

The new and stringent regulations set up by the Reserve Bank of India regarding the digital payments companies has drawn criticism from many. The Payments Council of India has already requested the central bank to hear on some of the issues that are largely affecting the growing industry.

Some of the key issues that have raised concerns for the industry stakeholders include phased introduction of interoperability, mandatory KYC (Know Your Customer) process, and disallowance of fund transfers from one individual to another in semi-KYC wallets.

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