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An independent and separate regulatory authority to regulate the digital payment system in India is the need of the hour, the Confederation of All India Traders (CAIT) has said.
This recommendation forms part of the report jointly put together by the Confederation of All India Traders (CAIT) and the Alliance for Digital Bharat (ADB) and released here on Tuesday.
This report on 'Universal Access to Infrastructure and Open Payment Systems', among other things, calls for the implementation of recommendations made by the Watal Committee on Digital Payments.
"We request the government to adopt the recommendations of the Watal Committee report in full", Khandelwal told BusinessLine after the release of the report.
CAIT and ADB together represent 6.34 crore traders and small businesses. The report also called for formation of a digital payments adoption board consisting of payment technology providers, banks and financial institutions, representatives from traders and other verticals of the non-cooperative sector and senior Government officials.
Today, 96 per cent of transactions in India are done in cash and the country has only about 25 lakh POS terminals. This needs to increase rapidly given India's population, geography and number of merchants. Additionally, the acceptance infrastructure favours large businesses and retailers.
Demonetisation and GST have dramatically accelerated the need for traders, merchants and the small business community to accept electronic payments.
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