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RBI issues guidelines on ‘on tap’ authorisation on payment systems.

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Mumbai: The RBI on Tuesday issued guidelines on ‘on tap’ authorisation of payment systems, including minimum networth criteria for different players, with an aim to encourage innovation and competition. In a circular, the RBI said it has been decided to offer on-tap authorisation for Bharat Bill Payment Operating Unit (BBPOU), Trade Receivables Discounting System (TReDS) and White Label ATMs (WLAs).

“The payment system operators should ensure interoperability among different retail payment systems,” it said and added the authorisation would be given based on merits of the proposal, and RBI’s assessment of potential for additional entities in that segment.

For entities desirous to function, operate, or provide platforms for BBPOU, the RBI said they should have a Rs 100 crore net worth and should be maintained at all times

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