The Reserve Bank of India has invited applications for testing new products and services for retail payments system under the regulatory sandbox (RS) scheme.
The regulator said the application can be submitted between November 15 and December 15, 2019.
“The adoption of retail payments as the theme is expected to spur innovation in digital payments space and help in offering payment services to the unserved and under-served segment of the population,” the RBI said, adding migration to digital modes of making a payment can obviate some of the costs associated with a cash economy and can give customers a friction-free experience.
