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Below are Views On A truly democratic move to power NBFCs, payment system providers By Arpit Ratan, Co-founder and Chief Business Officer, Signzy Technologies

“A truly democratic move to power NBFCs, payment system providers and participants to make the digital journey of customers faster, simpler and secure. Over the last two years RBI’s has been working to create a more enabling and compliant digital ecosystem that helps non-bank entities play a more participatory role in digitisation of financial services. Apart from payments, customers are increasingly preferring smartphones to access several other financial services like insurance, lending, business banking, payroll, alternate investments and this requires fast tracking of onboarding processes to improve customer experience and increase access. Given that RBI has lately been warning of frauds owing to improper KYC processes, providing a KUA license will definitely stem such activities and increase customers’ trust in non-banking entities which are working hard towards offering affordable and accessible financial services on the go.”

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