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Source-This post on Digital Payments Intelligence Platform has been created based on the article “Digital payments intelligence platform soon to curb fraud” published in “The Hindu” on 7 June 2024.
Why in News?
With the rise in digital payment scams, there is a growing need for a collective approach to prevent and manage these issues. Considering the rise in digital payments, the Reserve Bank of India (RBI) plans to create a Digital Payments Intelligence Platform.
About Digital Payments Intelligence Platform
1. Aim: It aims to gather intelligence across the digital payments network and enable real-time data sharing.
2. Objective: RBI wants to expand the existing e-mandate system as more people are using automated recurring payment.
3. This system will now include payments that happen regularly but not at a fixed time, such as topping up Fastag balances for tolls or the National Common Mobility Card (NCMC) used in public transport.
4. This change would allow customers to set their Fastag and NCMC to automatically refill whenever the balance drops below a certain level they choose. This will make it easier and quicker to pay for travel and transportation.
5. The RBI aims to boost the use of UPI Lite, a service for fast, small payments directly from a device.
6. They plan to integrate UPI Lite into the e-mandate system to encourage more people to use this convenient payment method.
UPSC Syllabus: Indian Economy
