By Admin 
The vision document also proposes that users be given the ability to enable or disable transactions through various digital payment methods, similar to the controls available for card transactions. Like now debit or credit card can be switched on or off through the app. Similar facility should be made available for all digital payment modes like UPI, Net Banking. This will increase customers’ control over their transactions and will also increase security.
To address fraud risks, RBI is considering a ‘shared responsibility framework’ under which both the issuing bank and the beneficiary bank will share responsibility in cases of unauthorized digital transactions. This means that now the customer’s bank will not be solely responsible in case of digital fraud.
Other initiatives include exploring white-label solutions in ‘Aadhaar Enabled Payment System’ (AePS), developing interoperability in ‘Trade Receivables e-Discounting System’ (TReDS) and launching ‘Payments Switching Service’ to ease migration of customers across different platforms.
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