This decision is related to reduction in cash usage in the country
The Reserve Bank of India (RBA) is considering reducing the fees for cashless payments, as more and more people prefer contactless payment methods due to the coronovirus epidemic.
Assistant Governor Michelle Bullock said the RBA is currently reviewing the regulation of retail payments and would consider reducing the cost of cashless payments for both sellers and consumers, given citizens’ reluctance to use cash.
Bull noted that from March to April this year, cash withdrawals at ATMs decreased by 30% and are 40% higher than the previous year. According to him, sellers are facing difficulties due to the fact that card payments are automatically redirected through some international payment systems. It emphasized that the central bank would work to make such payments more understandable and transparent for merchants.
Earlier, in November 2018, the then head of RBA Tim Low called cash “a niche payment instrument”.
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