Enough of Digital Payment Tools in India. Now we need following..
We already have enough #Payment acceptance tools In #India, like UPI, BharatQR, NCMC, Aadhaar Pay, RuPay, NETC, NACH etc. We dont need anymore for retail/B2B, else it will confuse a customer.
We now need to focus on the following;
1. Customer Awareness & Access
2. On ground availability of infrastructure like BCs, Debit Card issuance (#UPI depends on it)
3. Clear policies and strict guidelines on Whom, How, When, Under which entity to Regulate a #FinTech, PSP & the entire Value Chain
4. Easy access to Digital Payment Ombudsmen for the general public, than long technical hard copy form filling process
5. Lower TAT for payment dispute/Chargeback resolution than current 60-90-120 days. This is the biggest turn-off for trust on Digital Payment
6. If required lets explore an opportunity of #InsuranceForDigitalPayments so that customer gets instant money back after dispute, and banks/PSPs can claim with Insurance companies/other parties
7. A cross regulator effort which can solve for Internet issues, Card issuance, Security, Awareness, BC model, Payments, Digital Identity etc
Did I miss anything? 🤔 Please add.
If above are solved for, we can see phenomenal growth in Digital Payments
“More than new tools, we need Discipline and Clear Structures to promote Digital Payments”