Key Features Roles & Responsibilities of each stakeholder in Ecosystem

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Within the OMC space, there have been some significant positive developments in recent years that augur well
for the payments market. The Gol has relaxed norms for setting up gasoline pumps by non-oil companies
(companies with net worth of 22,500 million and above). The move has initiated a number of developments in
this space. A number of global players have also shown interest in entering the fuel retail market in India. BP
has secured a license to open 3,500 retail stations. Total and Saudi Aramco are exploring opportunities. As of
2020, a joint venture of French supermajor Total and the Adani group firm applied to the Gol for permission to
open gasoline pumps in India. Another recent development in the OMC space is the development of integrated
POS machines that can accept various transaction types, such as closed loop, open loop and Amex Cards. This.
move eliminates the need for OMCs to operate with multiple POS machines that are unique to payment types.
This also improves the efficiencies involved in transaction management.

Prepaid Payment Instruments

According to the RBI, PPIs are payment instruments that facilitate purchase of goods and services, including
financial services and remittance facilities against the value stored on such instruments. Some examples include
m-Wallets and smart cards (such as Metro Cards). PPIs that can be issued in India are classified under three
types: closed system PPIs, semi-closed system PPIs, and open system PPIs. Of these three systems, only open
system PPIs and semi-closed system PPIs require approval from the RBI. Some PPIs are discussed below.

NCMC cards

Public transport in India is used extensively as the economical and convenient medium of commuting for all
classes of the society. More than 1.6 million buses are registered in India, and with rapid urbanization, various
metro projects in different states are being planned for easier transit. To place the massive transit system under
one umbrella in terms of payment is a pragmatic move for not only the public, but also the operators.

To date, cash remains the most used form of payment in public transport. The National Common Mobility Card
(“NCMC”), aims to accelerate the framework by the issuance of a single card which can be used for payments
across all verticals of the transport infrastructure throughout India. Not only does it encourage the convenience
of carrying a single card but it also allows consumers to pay for other retail and e-commerce purchases.

NCMC could boost the rapid adoption of digital medium of transaction, benefitting operators by bringing the
whole population under one framework. The growth prospects of adoption for these cards could revolve around
amalgamating not only the urban region but also the rural region, ensuring better transport connectivity.

The policy will be a tremendous opportunity for India’s payment gateway market. Currently, NCMC is being
conceptualized to operate under the RuPay mechanism for both offline and online transactions. As millennials
are much more adaptive to modern forms of technology, NCMC has the potential of bringing the whole
payment network into an organized structure.

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