• Anand Kumar Bajaj, Founder, MD & CEO at PayNearby


• 12.11.2021 01:30 pm
#transparency #mechanism

"It is an extremely welcome move as it puts in place a robust mechanism driving simplicity and transparency for complaints, redressal and dispute resolution. The Ombudsman scheme will go a long way in enhancing customer confidence as it will effectively address grievances on fraud and failure of payment related to prepaid instruments (PPIs), including cards and digital wallets. With the growing prominence of digital payments, we are witnessing rapid growth of high-volume, low-value transactions, especially on platforms such as UPI and AePS. While the pandemic brought about a huge shift towards digitisation, technical declines and transactional failures also have become very rampant and can be as high as 40%.
Additionally, in semi-urban and rural India, where lack of network connectivity too poses a challenge in the form of rejected payments, a grievance redressal mechanism will promote customer confidence in the country’s digital infrastructure, especially among the marginalised and the rural populace. As we progress as a digital-first nation, such measures at a national level will significantly aid in the permeation of digital payments and bring about transformational changes at a national level."