Payment Interoperability: Paving the way for inclusion

The biggest beneficiaries of interoperability will be the wallet users, who will not have to specifically look for merchants who accept a certain wallet

The financial ecosystem in India is undergoing transformation with trends taking a root cause in services and emerging business models, and are changing financial services delivery. These are also bringing a larger number of people under the financial inclusion umbrella.Keeping this in mind, there is a need to simplify and accelerate payments penetration in India. Lack of sufficient IT infrastructure and end to end digitisation is leading to challenges in driving digital payments. For greater proliferation of digital payments, the entire supply chain must be digitised, which in turn will increase accessibility, availability, interoperability and security of payments systems.

The vision for Digital India requires immense interoperability between data, mediums, identity systems, bank accounts. Leveraging Jan Dhan, Aadhaar and Mobile (JAM trinity), for beneficiary enrolment has been the logical next step in the rollout of financial services