Importance of Compliance in Light of New Licence Regime | Podcast

This episode of Paytech Bytes features Ramesh Narasimhan (CEO - India, Worldline) and delves into the importance of compliance under the payment industry's new licensing regime. Ramesh offers his insights into how compliance guarantees payment security and builds trust in digital payments.

In India, Worldline is spearheading the digital payments revolution. One of the drivers making this transformation possible is the regulatory environment created by proactive entities such as the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI). These regulators have worked aggressively towards digitising payments while still focusing on consumer protection.

Ramesh highlights compliance as an essential responsibility for handling vast amounts of public money, for ensuring that funds are accurately and securely transferred from consumers to merchants. When one makes a purchase, the money spent must reach the merchant without fail. This is where robust compliance measures come into play.

The RBI has introduced rigorous Know Your Customer (KYC) procedures to combat fraud, money laundering, and terrorism financing. Ramesh explains how detailed KYC checks for every merchant can help prevent the misuse of the digital payment infrastructure. These measures are crucial for maintaining the integrity of the financial system. He goes on to underscore the broader implications of compliance. With increasing geopolitical tensions and cyber threats, investing in secure IT infrastructures is more important than ever. Compliance extends beyond KYC to encompass the entire operational framework. It ensures that every aspect of digital processes meets regulatory standards, safeguarding against hacks, ransomware, and other malicious activities.

Ramesh explains how a culture of compliance is integral to Worldline’s operations. Worldline employees are trained to understand and adhere to established processes, maintaining compliance and avoiding penalties. These measures are important for the growth of the online payment sector.

The episode concludes with Ramesh reiterating how the rules of the RBI help make the payment ecosystem more resilient and transparent, thereby cutting out shortcuts and leaving only serious, well-capitalised players in the market. This encourages long-term stability, with strong governance, and risk management practices becoming a norm.

Stay tuned for more insightful discussions on Paytech Bytes as we continue to explore the dynamic world of digital payments! Do share your thoughts and let us know which topics you want us to cover next. You can reach us at marketing.worldlineindia@worldline.com.