RBI Gov. Shaktikanta Dashas criticized the lack of an effective customer grievance mechanism at many payment system operators and underscored the need for the industry to treat every fraud and complaint as a cause for concern, which requires detailed root cause analysis.
“Although the Online Dispute Resolution (ODR) system conceived by RBI is widely appreciated, how many Payment System Operators (PSOs) have actually activated it? Shouldn’t companies embrace such initiatives in advance and improve customer satisfaction? Finally, PSO’s Dealing with public money,” he said in a speech at a PSO conference in Kochi on Saturday.
That warned that the public should trust it digital payments would be undermined without efficient dispute resolution. “The availability and affordability of a timely complaints mechanism is paramount to ensure public confidence in digital payments,” he added.
While the traditional bank branch model offers a physical place for customers to submit complaints, this may not be the case with digital payments, where users sometimes find it difficult to find the appropriate forum to resolve such issues.
He suggested that PSOs could leverage technology and seek rules-based resolution of complaints with zero to minimal manual intervention.
Das praised PSOs for stepping up during the pandemic, when the resilience of payment systems was severely tested. However, he stressed the need for continuous innovation and adapting to changing circumstances.
Das said RBI has taken a number of steps to increase the security of payments as well as the ecosystem. He cited the introduction of the Additional Factor of Authentication for card-based e-commerce and online transactions as a success story of Indian payment systems, which was later extended to other payment types and channels.
“Although the Online Dispute Resolution (ODR) system conceived by RBI is widely appreciated, how many Payment System Operators (PSOs) have actually activated it? Shouldn’t companies embrace such initiatives in advance and improve customer satisfaction? Finally, PSO’s Dealing with public money,” he said in a speech at a PSO conference in Kochi on Saturday.
That warned that the public should trust it digital payments would be undermined without efficient dispute resolution. “The availability and affordability of a timely complaints mechanism is paramount to ensure public confidence in digital payments,” he added.
While the traditional bank branch model offers a physical place for customers to submit complaints, this may not be the case with digital payments, where users sometimes find it difficult to find the appropriate forum to resolve such issues.
He suggested that PSOs could leverage technology and seek rules-based resolution of complaints with zero to minimal manual intervention.
Das praised PSOs for stepping up during the pandemic, when the resilience of payment systems was severely tested. However, he stressed the need for continuous innovation and adapting to changing circumstances.
Das said RBI has taken a number of steps to increase the security of payments as well as the ecosystem. He cited the introduction of the Additional Factor of Authentication for card-based e-commerce and online transactions as a success story of Indian payment systems, which was later extended to other payment types and channels.
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