Delhi Metro Rail Corporation Limited (DMRC) has got a Pre-paid payment instruments for Mass Transit Systems licence in the last month and is valid up to March 31, 2022.
Certificates of Authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 for Setting up and Operating Payment System in India
The Payment and Settlement Systems Act, 2007 along with the Board for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008 and the Payment and Settlement Systems Regulations, 2008 have come into effect from 12th August, 2008.
The RBI introduced in July 2015 a new semi-closed pre-paid instrument for mass transit services to help move on from cash-based systems to electronic means. The new instrument will allow users to load Rs 2,000 and have a minimum validity period of six months from the date of issue.
Some of the other features of the new instrument are:
– No cash-out or refund will be permitted from these wallets.
– The instrument can also be used at other merchants whose activities are allied to or are carried on within the premises of the issuing mass transit system. An example: The Delhi Metro could issue a wallet service which can be used to buy food at the food stalls in the station.
– The issuer may decide upon the desired level of KYC, if any, for such PPIs
– The instrument must have an Automated Fare Collection application related to the transit service.
A smart card for digital payments should be there which can be used for all public transport systems in the city.
#metropay #paytm #digitalindia
Certificates of Authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 for Setting up and Operating Payment System in India
The Payment and Settlement Systems Act, 2007 along with the Board for Regulation and Supervision of Payment and Settlement Systems Regulations, 2008 and the Payment and Settlement Systems Regulations, 2008 have come into effect from 12th August, 2008.
The RBI introduced in July 2015 a new semi-closed pre-paid instrument for mass transit services to help move on from cash-based systems to electronic means. The new instrument will allow users to load Rs 2,000 and have a minimum validity period of six months from the date of issue.
Some of the other features of the new instrument are:
– No cash-out or refund will be permitted from these wallets.
– The instrument can also be used at other merchants whose activities are allied to or are carried on within the premises of the issuing mass transit system. An example: The Delhi Metro could issue a wallet service which can be used to buy food at the food stalls in the station.
– The issuer may decide upon the desired level of KYC, if any, for such PPIs
– The instrument must have an Automated Fare Collection application related to the transit service.
A smart card for digital payments should be there which can be used for all public transport systems in the city.
#metropay #paytm #digitalindia
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