1. Central Bank Digital Currency (CBDC) as India’s official digital Rupee, is further expected to strengthen the Indian payments market
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As per Union Budget 2022-23, to boost India’s digital economy, the Reserve Bank of India (RBI) will soon be launching the Central Bank Digital Currency (CBDC) as India’s official digital Rupee, which is further expected to strengthen the Indian payments market.
Digital innovations would play a pivotal role in improving financial inclusion and providing ease of service across domains of retail banking, payments, wealth management and insurance. Despite the rapid developments in the recent past, there is substantial scope for India to catch up on its digital reach.
Surge in growth of electronic payments in India, along with rising E-commerce and M-commerce transactions are further expected to give a boost to numerous entities including payment gateway service providers and payment aggregators that facilitate online payments in the country. Besides all these advancements, cash still dominates the entire payment landscape in India and is further expected to hold a majority share in future.
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2. Over the years, money has transformed from coins to physical cash and is now available in electronic / digital form or plastic cards as DEBIT and CREDIT cards
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- Debit Card data is updated monthly, averaging 300 Unit Mn from Apr 2004 to Feb 2023, with 227 observations.
- The data reached an all-time high of 1400 Unit Mn in Oct 2019.
Plastic cards for instance, ATM cards, debit and credit cards are used by customers as an electronic payment tool, thereby helping in clearing and settling the payment process. Increasing penetration of credit cards in metro areas coupled with rising usage of RuPay cards in tier 2 and tier 3 cities are some of the driving forces in India consumer payments landscape. In terms of total number of outstanding cards, debit was observed to grow at a five year with a positive CAGR.
Companies with 50% or more foreign equity and intending to participate in the distributive trade sector or the Unregulated Services sector are required to obtain the approval of the MDTCA.
The Consumer Protection Act 1999 (“CPA”) provides for the protection of consumers in Malaysia. It applies in respect of all goods and services that are offered or supplied to one or more consumers in trade including any trade transaction conducted through electronic means.
The CPA sets out mandatory statutory requirements including implied guarantees on the supply of goods and services, the consumer’s right of redress against suppliers and manufacturers, prohibition against unsafe goods, liability for defective product and prohibition against unfair contract terms with consumers.
