Retail - #SectorUpdates
The Reserve Bank of India (RBI) has selected two entities Precision Biometric India Pvt. Ltd. and HDFC Bank (in partnership with Swedish firm Crunchfish AB)for the test phase of the retail payments cohort under its regulatory sandbox. A regulatory sandbox allows financial services providers, innovators, regulators and customers to conduct field tests and collect data on the new financial innovations, while monitoring and containing the risks. The RBI had announced the opening of the ‘on tap’ application facility for online payments under the regulatory sandbox last year. This ‘On Tap’ facility is expected to help in continuous innovation and engagement with innovators and proactively respond to the dynamics of rapidly evolving FinTech scenario. To take advantage of the exciting opportunities in today’s dynamic market, retailers need to understand who their customers are, how people want to shop, and how payment methods are evolving.