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Public Policy

The Payments Council of India (PCI) represents over 90% of the payments industry and is at the forefront of dealing with industry-related issues. PCI works closely with the entire digital payments ecosystem to address critical issues, and with the RBI, SEBI, the Ministry of Finance, and the Ministry of Information and Technology (MEITy) to ensure the continuous and sustainable growth of the entire ecosystem.

Important representations -

  • Video-based Digital KYC for customer identification: PCI along with its members made several representations and submitted a white paper on Digital KYC solutions to request allowing the use of alternative modes of Digital KYC to conduct customer identification.
  • Representations on ZERO MDR notification by the Government: PCI made several representations with central government stakeholders, recommending that MDR should be left to be decided by the market forces. PCI continues to discuss this issue with the Government.
  • Representation to RBI on Inward and outward remittances: PCI submitted a representation to RBI on the key concerns faced by the international remittances industry and shared specific suggestions on both inward and outward remittance regulations.
  • Introduction of a new type of semi-closed PPI: PCI submitted multiple representations to RBI for waiving off the mandate for conversion of min KYC PPIs into KYC-compliant PPIs. RBI in order to give impetus to small-value digital payments decided to introduce a new type of semi-closed PPI which could be issued by obtaining minimum details of the PPI holder.
  • Opening e-mandate for recurring transactions via debit cards: PCI convened a joint meeting of card networks and online merchants and submitted a representation on opening an e-mandate for recurring transactions via debit cards. Consequently, RBI released a circular on ‘Processing of e-mandate for recurring transactions’ on 21 August 2019.
  • Whitepaper on Card on File Tokenisation: A whitepaper titled “Card on File Tokenization” was shared with RBI. The whitepaper resulted in RBI initially extending the scope of permitted devices on device tokenization. PCI continues to engage RBI and members toward the successful and timely implementation of COFT.
  • Project Pratima: Industry-led project on Standardization of Icons for Basic Use Cases in Retail Payment Applications