To boost digital payments, Finanace ministry panel seeks regulatory regime

NEW DELHI: A committee set up by the finance ministry has recommended a medium-term strategy for accelerating growth of digital payments, advocating a regulatory regime that will help bridge the digital divide by promoting competition, open access and interoperability in payments.

The government has been pushing digital transactions after withdrawal of Rs 500 and Rs 1,000 notes. On Thursday the government had announced a series of incentives including discount on digital payments for fuel sold by state-run oil companies.

The report recommends inclusion of financially and socially excluded groups, and assimilation of emerging technologies in the market.

It also suggests need for safeguarding security of digital transactions while providing a level playing field to all stakeholders and new players who will enter this new transaction segment.