More research for your informationThe Reserve Bank of India (“RBI”) has allowed certain non-banks to operate in the financial ecosystem for payment processing under the Payment and Settlement Systems Act, 2007 (“PSS Act”), in addition to banks. These non-banks are typically operate Cross Border Money Transfer (“MTSS”); Prepaid Payment Instruments (“PPI”); Bharat Bill Payment Operating Units (“BBPOU”); White Label ATM Operators (“WLAO”), etc.
The Digital Personal Data Protection Act, 2023 (“DPDP Act”), provides a holistic view on obligations on financial entities and PSP is not ignored. In this paper, we have discussed the implications of the DPDP Act on the payments sector and what should be the steps taken to address such implications.
https://corporate.cyrilamarchandblogs.com/2023/11/fig-paper-no-27-series-1-implications-of-digital-personal-data-protection-act-2023-on-payment-service-providers/
Cheers Anton
Ann: FindiPay Update - Merchant acquisition rapidly increasing, page-44
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