New age firms in payment space reluctant to comply with rules at times: Das

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Complimenting the PSOs for the work done during the pandemic, Das said, during the pandemic, the resilience of payment systems was severely tested. But PSOs rose to the occasion and showed remarkable tenacity.

“Movement of people running the operations of PSOs was restricted, and some of them also fell ill. In such a situation, a spurt in digital payments was observed. Suddenly, many more people started transacting digitally. All our payment systems have proved their worth during the pandemic. Among other things, I remember the efforts taken to tag the payment systems and the stakeholders as ‘essential services’. This was a single-most defining factor which enabled everyone to carry out various transactions unhindered”, he said.

Das also highlighted that PSOs must always be cognisant of the emerging threats of cyber security, data protection, etc., in the wake of the rise in digital payments and put in place suitable risk mitigation measures.

Meanwhile, he also touched upon the fact that having successfully implemented so many payment systems domestically on such a large scale, the time has come to expand our reach overseas. “Our home-grown payment products, UPI and RuPay network, are enhancing their global footprint. The launch of UPI linkage with Singapore’s PayNow is a major step forward. In future, such linkages with other countries will make cross-border payments simple, affordable and real-time. QR code [1] based merchant payments through UPI apps are already enabled in Bhutan, Singapore and UAE. All these would also help project India’s soft power at the global level”, he said.

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