India: Payments in e-commerce sector set for a new innings
The Indian e-commerce space has garnered a significant consumer base in the past decade, accelerated by the ongoing global Coronavirus pandemic. Users have shifted to digital modes of transactions (including credit and debit cards, and various mobile payment modes), with the volume soaring to around 100 million daily transactions on average. In a development that is set to revamp the e-commerce space in India, RBI issued 'Guidelines on Regulation of Payment Aggregators and Payment Gateways', which came into effect on 30 September 2020.
Sanjana Rao, Aaron Kamath and Vivek Kathpalia provide an overview of the Guidelines, looking particularly at payment aggregators and payment gateways, as well as the future of the e-commerce sector in India. The article is published by OneTrust DataGuidance and can be accessed here.