In another move to strengthen the digital payment services, the RBI Governor Shaktikanta Das has announced the setting up of a 24X7 helpline for digital payment services. The announcement was made via Statement on Development and Regulatory policy issued today.

As per the governor’s speech, “With enhanced penetration and efficiency of digital payments, major payment system operators would be required to facilitate setting-up of a centralised industry-wide 24×7 helpline for addressing customer queries in respect of various digital payment products and give information on available grievance redress mechanisms. Going forward, the facility of redress of customer grievances through the helpline shall be considered. This is envisaged to enhance consumer trust and confidence in the digital payments ecosystem.”

The move can be seen as a part of a series of announcements made earlier to strengthen the digital payment services.

As per the statement, “The Payment Systems Vision document of RBI envisages setting up a 24×7 helpline for addressing customer queries in respect of various digital payment products. The helpline will, in addition to building trust and confidence, also reduce expenditure on both financial and human resources, otherwise incurred for addressing queries and grievances.”

As per the statement, the major payment operators are required to set-up the mechanism by September, 2021. Going forward, the facility of registering and resolving the customer complaints through the helpline shall be considered, the statement added.

Apart from setting of a 24X7 helpline facility, the statement further states that guidelines will be issued on outsourcing for Operators and Participants of Authorised Payment Systems.

As per the statement, “The operators and participants of various authorised payment systems carry out a bouquet of specialised activities on account of the products offered by them and design of payment systems they operate. Often, such activities are outsourced to optimise efficiency and lower costs. However, vulnerabilities in the systems of entities who provide such outsourced services can pose cyber security risks to the principal entity. To manage the attendant risks in outsourcing and ensure that a code of conduct is adhered to while outsourcing payment and settlement related services, the Reserve Bank shall issue guidelines to operators and participants of authorised payment systems.”

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