Payment gateway firms split on RBI intervention

ENGALURU: The Reserve Bank of India’s intention to regulate payment gateway service providers has received a mixed response from industry players, with some welcoming the move and others cautioning that close regulatory scrutiny may cause operational challenges and stifle innovation. The central bank had announced last week that it will release a white paper for discussion and consult companies before introducing regulations.
Vishwas Patel, founder of CCAvenue Payment gateway, believes the sector doesn’t need more regulations as it already has all the safety networks in place to ensure customer money is protected.