A new and innovative payment concept known as Request for Pay has recently entered the global market (RfP). RfP is still in its infancy around the world.
Regardless of the name, RfP provides the same benefits, such as secure messaging between the consumer and the biller (or merchant) to improve the control, flexibility, and transparency of paying bills, as well as the immediacy of funds movement, because RfP is primarily implemented on top of real-time instant payments. As RfP gains traction, the frequency with which consumers are confronted with the stress of'surprise' bills should decrease significantly.
The dynamic and accelerated development of India's payments ecosystem, facilitated by increased adoption of technology and innovation, has established the country as a global payments force to be reckoned with. It is a step taken in response to the increasing popularity of digital payments and the availability of a bouquet of safe, secure, innovative, and efficient bouquet payment systems.
Incentivising RfP usage with budget-conscious consumers could involve something similar to what we see in the credit card space: loyalty points. Because loyalty points are a great way to get a customer to keep returning and using a service, offering them when the service is used could encourage consumers to use RfP, allowing them to collect points towards flights, hotels, or event tickets. Banks could also offer cashback based on usage patterns, which is a common and effective practise in markets such as India.
Steps have been taken to digitally enable all mobile phone users (both smartphone and feature phone users), as well as secure offline and online card transactions and transactions involving users' standing instructions; however, more work is needed to ensure their effective implementation. Furthermore, efforts have been launched to bring critical payment intermediaries into the formal regulated / supervised framework.