The move is aimed at addressing delays in the actual receipt of payments by merchants and is a part of the regulator's payment vision 2025. The RBI has approved implementing such a system for NPCI Bharat BillPay Ltd (NBBL).
"We had envisaged an interoperable payment system for internet banking transactions... We expect the launch of this interoperable payment system for Internet banking during the current calendar year. The new system will facilitate quicker settlement of funds for merchants," Das said here while addressing the RBI's Digital Payments Awareness Week celebrations.
Noting that Internet banking is one of the oldest modes for online merchant payment transactions, he said that such transactions at present processed through payment aggregators (PAs) are not interoperable, meaning, a bank is required to separately integrate with each PA of different online merchants.
Bu hikaye Business Standard dergisinin March 05, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin March 05, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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