Digital Payments Intelligence Platform
With growing instances of digital payment frauds highlighting the need for a system-wide approach to prevent and mitigate them, the Reserve Bank of India (RBI) has proposed to establish a Digital Payments Intelligence Platform for network level intelligence and real-time data sharing across the digital payments’ ecosystem.
To take this initiative forward a committee will be constituted to examine various aspects of setting up the Platform
With the adoption of e-mandates for recurring payment, transactions have been increasing, and the RBI has proposed to include payments, such as replenishment of balances in Fastag, National Common Mobility Card (NCMC) which are recurring in nature but without any fixed periodicity, in the e-mandate framework.
This will enable customers to automatically replenish the balances in Fastag, NCMC, etc. if the balance goes below the threshold limit set by them.
This will enhance convenience in making travel/mobility related payments
To encourage wider adoption of UPI Lite, enabling quick small-value payments through an on-device wallet, the RBI has proposed to bring it under the e-mandate framework
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