A Report : Electronic Payments in India – Looking Back & Surging Forward

There have been significant advances witnessed in the Electronic Payments space in India over the last three years.

The Reserve Bank of India has drafted a vision document for electronic payments in India, an InterMinisterial Group has suggested a path breaking framework for ‘Mobile Linked No Frills Accounts’, and the UIDAI project rolls forward. These and several other macro factors are catalyzing possibly the creation of a unique payments framework in India, stimulating the growth of both card based and non card based payment systems!

Have authored a document that attempts to summarize the key trends and developments in this space and outline some interesting opportunities emerging therein.

The document may be of interest to professionals and organizations operating in the banking & payments space or whose businesses are impacted by the developments in this domain.

You can access the report at : http://www.pymnts.com/electronic-payments-in-india-looking-back-and-surging-forward

Look forward to your views and feedback.

1 Response to “A Report : Electronic Payments in India – Looking Back & Surging Forward”

  1. Ashok says:

    Further with reference to the RBI Guidelines for PayPal, & the email dated Feb 1st 2011, detail of which is also published at:


    None of the concerned authorities have paid any heed to it, except Delhi Police. I already had expected the same from this crippled system that these cowards would not reply. Although Delhi Police can do nothing about it but I am proud of Delhi Police for at least having taken note of it and replied to the same.

    Please read the RBI terms for Paypal between the (—-) lines and answer my questions as follow:

    1. Did RBI or our corrupt governance provide any business or employment opportunities to entrepreneurs who, against all odds, have been independently bringing about the potential across continents?
    2. Could RBI or our corrupt governance provide an internationally acceptable online infrastructure for financial transactions or internet which laid concrete on the platform where millions of such entrepreneurs found the sources to earn livelihood?
    3. Did RBI or our corrupt governance ensure regular power supply which entrepreneurs need to complete projects in time?
    4. How & why RBI or anyone else may claim a right over the interest on the money entrepreneurs earned purely by selling their talent and services… not by selling a substance, product or crop of the nation?
    5. Will RBI bear the exceeding transaction fees caused by these rules?
    6. Will RBI or local banks pay the money in dollars which entrepreneurs earned from foreign customers?
    7. Will RBI guarantee to pay the difference of selling & buying rates of dollars?
    8. Why entrepreneurs can not import by spending the dollars which they earned from outside of India?
    9. What if entrepreneurs decide to import their food and essential commodities and decline to accept Indian currency? Can you stop it?

    In fact RBI and the corrupt government intended to deceive Supreme Court of India to by providing mis-leading facts, to show that they are serious about money laundering and to safeguard the black money in foreign banks. Instead of acting on big alligators they are acting upon small entrepreneurs.

    In this era of globalization, internet has come as a boon to the talent pool of India and millions of young entrepreneurs who have scaled new heights in international markets and technology. But our crippled system which failed to curb the flow of black money is taking stupid decisions to restrict the free flow of breeze, bar the rays of sun and to clip the wings of birds. They are shutting doors to the growth, development and to the destiny of young India. This corrupt governance has crossed the limits to kill employment and entrepreneurship since they are not bribed by small entrepreneurs. They are bribed by big companies and now it is well-known even among kids. Invention of technologies and infrastructure is far from expectation from this corrupt system.

    खुद तो कुछ कर नहीं सकते, दूसरों की थाली में दो रोटी देख कर इनकी लार टपकने लगाती है|

    Consider this post as a prior notification, a stern and final warning to all concerned authorities that:

    A revolution will not wait for long… This crippled system has tested the patience of India… Its over now!

    हवा तेज़ चलता है सुब्बा राव… टोपी संभालो… उड़ जाएगा !
    The person sending you this warning is a common man called Ashok. Do you know Ashok?
    Look the head-side of the coin and any note which bears your signature… You will see Ashok
    जय हिंद

    सत्यमेव जयते

    (The new rules are killing entrepreneurship and as black act to collect taxes / interest for corrupt & starving politicians):
    Upcoming changes to PayPal User Agreement for India with effect from 1 March 2011

    With effect from 1 March 2011, Paypal Users are required to comply with the requirements set out in the notification of the Reserve Bank of India governing the processing and settlement of export-related receipts facilitated by online payment gateways (“RBI Guidelines”). In order to comply with the RBI Guidelines, Paypal user agreement in India will be amended for the following services as follows:

    1. Any balance in and all future payments into your PayPal account may not be used to buy goods or services and must be transferred to your bank account in India within 7 days from the receipt of confirmation from the buyer in respect of the goods or services; and

    2. Export-related payments for goods and services into your PayPal account may not exceed US$500 per transaction. We seek your understanding as we continue to employ our best efforts to comply with the RBI Guidelines in a timely manner
    The impact of the above will be as follows:

    1. More transactions between Paypal and Bank Account levying more transaction fees on the account holders
    2. Increased cost of selling or buying services
    3. Disallowing small entrepreneurs taking project assignments worth more than $500
    4. Will result in delay in receiving and sending payments
    5. Will hinder the growth of IT industry and entrepreneurs of India
    6. Will mount unemployment among already struggling professionals

    It is apparent from the above that this rule has been specifically brought in effect to benefit corrupt politicians, governance and large companies
    Whether you are a service provider, freelancer or a small entrepreneur, you must strongly oppose and protest this black rule
    This blog post is also being sent to Supreme Court of India, RBI, Banking Ombudsman, Ministry of Finance, Delhi Police, so-called fastest, fearless & true media channels & newspapers and political organizations

    मेरी नज़रों में यह सिस्टम एक चर्बी वाला कारतूस है और मैं इसे मुंह लगाने से इन्कार करता हूँ

    इधर जंगल का कानून चलता है …

    हर ताक़तवर अपने से कम को मारकर जीता है… मारकर

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