The close or nearby links between network service providers of Shgs In India as well as
consumer must not offer the inordinate advantages to companies at cost of different players.
Recently, the mobile phone is also considered to be most potent tool about financial
inclusion. Though, mobile industry offering Digital Wallet Solutions is also characterized by
handful of operators, this creates monopolistic industry of digital transaction that will be a
possible outcome if the level playing field does not gets created.
The Digital Wallet In India or platform set up through service provider that must open to
various account holders in just specific time period, and also new entrants must also be
permitted to use current payment infrastructures. All the firms should be allowed for digital
transaction, irrespective of their size of firms.
Here, large firms must not derive any kind of undue advantage from the regulatory
prescriptions. It is also crucial for various different reasons. Though specific prudential norms
will also be essential, they must not follow the one size fits every such approach and also
according to the scale as well as scope of operations, the regulatory requirements even
requires to be structured in an appropriate way.
You also need to ensure the low cost access for masses which is also integrated with
economy. For all digital transactions, you should also be clear about the KYC norms of the
customer. If digital transactions become transformational, it is crucial to bring the unbanked
customers in the fold of the payment systems. Moreover, the KYC regulations ensure
financial integrity that may hamper growth of the market and also affect aim of the financial
inclusion.
Digital Payments offers a great variety of services which are simple to integrate with various
sectors of economy.