RBI allows on-tap payment to three more retail payment systems

In a bid to encourage competition and diversify risk, RBI has today allowed three more retail payment processors to receive contactless payments.

Though on-Tap payment authorization is already available with other payment systems, however, RBI feels that allowing more players to accept contactless payment will lead to innovation. The three retail payment systems to be able to accept tap to pay are BBPOU, TReDS, and WLAO.

As per RBI, non-banks financial system has helped create a strong payment ecosystem and account for 50% of payment through various payment systems. 

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