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It is very essential we voice our concerns in really a big number.
Read on.
Harish Kotian
Date : Mar 08, 2016
RBI Seeks Feedback on Concept Paper on Card Acceptance Infrastructure
The Reserve Bank of India has today placed on its website the Concept Paper on
Card Acceptance Infrastructure. Comments may be emailed or sent by post to the
Chief General Manager, Department of Payment and Settlement Systems, Reserve
Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai -
400001 on or before April 15, 2016.
Background
The Reserve Bank's over-arching Vision for Payment Systems in recent years has
been the encouragement of electronic payments and migration to a "less-cash"
society. The policy focus of the Reserve Bank has been to facilitate the growth
in electronic payment services and also ensuring safety and security of such
transactions. Recent Government announcements support and reinforce the need to
migrate from cash payments and to promote card and other electronic payments.
With increasing customer confidence and concerted effort of all stakeholders, a
growing trend in retail electronic payments has been observed. However, there
is a concern that the commensurate growth in infrastructure, particularly those
that facilitate electronic payment for purchase of goods and services, has not
kept pace with the requirements of all segments of users across all
geographical locations. Regulatory intervention in the form of rationalization
of merchant discount rate (MDR) a few years earlier has also not had the
desired catalytic effect. Growth in card acceptance infrastructure at merchant
locations has been slow.
The "economics" of card payments plays an important role in ensuring greater
and wider participation of all stakeholders involved in the card payments value
chain and, as such, any strategy geared towards expansion of the infrastructure
in a "managed" way has to also address these issues. There is, therefore, a
need to examine holistically the relevant issues that come in the way of
acceptance of card payments and deployment of infrastructure for the same so as
to ensure continued and accelerated growth in card acceptance.
This concept paper has been prepared taking into account the inputs gathered
during various interactions with the stakeholders. The paper outlines strategic
options for addressing the issue of both expansion of card acceptance
infrastructure as well as rationalisation of MDR.
To this end, the Reserve Bank has invited views and suggestions on the Concept
Paper on Card Acceptance Infrastructure. Specific and actionable feedback would
be highly valued.
Sangeeta Das
Director
Press Release : 2015-2016/2110
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