KEY INITIATIVE IN PAYMENT SYSTEM

As since payment instruction are took place after demonetisation of Indian rupees ,the government had took initiatives to develop cashless payments. For this the government developing more suitable key regulator by the resolution and mobile application in order to boost cashless payment in the Indian economy. As since we are seeing these key initiatives for payment regulation in India. The U.K. Payment system Regulator (PSR) has three objectives: to promote competition, to promote innovation, and to ensure that payment systems are developed and operated in the interests of service users. Thailands national e payment system will be fully operational in 2017 and aims to increase transparency and efficiency while helping the government to collect more taxes. In Thailand, Any ID service is scheduled. Any ID enables users to transfer money without a bank account and make payments using a mobile phone and ID. Other modules planned for the e payment system include expansion of electronic data capture machines to service e payment system and an e tax system. All companies in Thailand are compelled to enter into the national e payment system by 2019. The European union had adopted Financial Transaction Tax to recover some public funds in order to support European union bank from economic crisis. In the European Union, 11 of the 28 countries have accepted the introduction of Financial Transaction Tax. the Financial Transaction Tax has been regulated in France (equities only) and Italy. In order to get harmonised security level in the retail payments, a European secure Pay forum was established. The security in mobile payments and third party access to payment accounts are a first priorities of this forum. For retail payments, some security guidelines has formulated by the European central bank. The people bank of china(PBOC) has issued regulation on non banking online payment. Under these regulation, non bank online payment platforms cannot directly provide financial services such as lending, securities investment, and insurance. To develop completion in Chinese payment card system, the Chinese government allowed foreign companies to set up their own payment card clearing businesses. The international chamber of commerce banking commission has set new rules for Bank payment obligation. The bank payment obligation is an irrevocable undertaking given by bank to pay a specified amount on a agreed date under the condition of successful electronic matching of data accordingly. The Europay Mastercard and Visa(EMV)technology for debit and credit cards are used to authenticate chips inbuilt cards for transaction. Under the adoption EMV of U.S. Federal government, all payments cards will be chip enabled. The U.S. governments deadline had miss out by several banks and retailers. Hopefully by the end of 2017, all cards will be chip enabled. Dutch banks have created the IDIN scheme which provides authentication services to e- government agencies and e – commerce service providers. The scheme uniquely authenticates users of services. Since the request made by G20 countries to form legal Entity Identifier (LEI) for unique identification of legal entities in financial transaction. It was created by the financial stability board. In july ,2016 the committee on payments and market infrastructures recommended all correspondent banks to use LEIs and provide them to KYC utilities. It is also recommended LEIs be included as additional information in payment messages. Several countries, including the U.K. and Singapore have implemented immediate payment systems. Australia plans to launch a system in mid 2017, while the pan European instant payments system is scheduled for November 2017. Several other countries, including Spain, are considering implementation of immediate payment systems. At global level, immediate payments infrastructures are being developed to comply to ISO20022 standards. For smooth process of cross border interoperability, a European Payments Council (EPC) rulebook is expected to be finalised and issued.UK is coordinating the ISO Real time Payment group(RTPG),made up for 40 financial institutions from round the world, to develop the ISO20022 messages required. As such revolutions in payment system are took place in many countries. India have to accelerate in a payment system regulation to achieve the worlds initiatives took place in a payment system. India has to analyse the milestones created by other countries in a payment system and where it stands in.

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