Retail payment systems – KYC constraint Although we always propagate that availability and accessibility of a payment product/process is the key factor to be considered for financial inclusion the fact remains that these customers have to pass the test of proving identity. Innovating a retail payment system keeping the biometric identity in mind is the need of the hour.
But that calls for nationwide initiative. In India, however, integrating the Aadhaar (biometric) with payment systems has started happening with the regulator supporting its acceptance as a valid KYC proof. Concluding thoughts I hope all of you have had two days of fruitful discussions and debate. I also hope you had a pleasant stay in India.