BENGLAURU : Digital payments firms will be forced to look at speeding up their revenue plans as compliance expectations from the government and the Reserve Bank of India (RBI) may increase operating and compliance costs.
RBI’s recent directions on digital payment security is the latest addition to the list of compliance requirements that banks and fintech firms will have to adhere to in the next six months, causing payment operating costs to almost double and, in some cases, triple.
Global and domestic payments firms in the past had to incur significant costs to adhere to RBI’s data localization norms as well as know-your-customer (KYC) guidelines, which also gave rise to new payment instruments such as Unified Payments Interface (UPI).
Source: livemint
