Trust is the bank’s edge in digital payments. Is it being used?
By Sivaram Kowta, President – Digital Banking, Zeta
A shopper stands at the checkout with ₹12,000 of appliances in her trolley and ₹8,000 in her account. Inside UPI today, she has no option. She will put something back, or leave and return another day. Her bank holds the account, knows her salary and carries the risk on every payment she makes. But the app on her phone is the one that sees this moment, and it is the app she will open next time.
That scene is the real story of Indian digital payments, and it is bigger than any single fee. NPCI has just deferred the MDR on larger UPI payments to immediately post Diwali, on a date still to be notified. Policy of this kind shifts who funds the system, which costs an estimated ₹20,000 crore a year to run. The more consequential question is what banks do...
Copyright of this story solely belongs to www.expresscomputer.in. To see the full text click HERE
