. successful accomplishment of the objective is possible by concerted efforts of all the stakeholders and creation of a modern well - networked payment system. 34. a multi - pronged approach is required to reduce cash usage in the society and requires active support from the banking system. reserve bank has been promoting usage of electronic payments like mobile payments, payments through internet banking, usage of prepaid payment instruments ( ppis ), debit / credit card. in order to improve accessibility, the payment infrastructure is being constantly reviewed. one of the recent initiatives in this regard has been the decision to permit non - bank entities to launch the white label atms ( wlas ), thereby increasing the atm penetration across the country. banks, however, need to further improve the acceptance infrastructure like mobile pos and also ensure the products are simple to use and has all the critical safety and security features. as you are aware, reserve bank has created neft / rtgs system that is acting as de - facto remittance system in the country. reserve bank is on the verge of putting in place the next gen rtgs which will be more secure, safe and efficient than the existing one. to enable remittance for walk - in customers, reserve bank has put in place a very user - friendly domestic money transfer scheme. unfortunately, despite the business potential, these facilities are either not being extended by the banks or the target masses are not aware of the facility. further, it is critical that banks tap technologies to cater to the growing needs of the customers and also to the growing number of customers. the notion that customers are unable to adopt to technology stands defeated with wide success and usage of mobile phones. mobile banking offers a platform for offering a wide range of banking services to the customers anywhere and anytime. similarly, banks should also endeavour to promote card based payments products, such as, the ppis, debit cards, credit cards and the recent innovative product like mobile kcc / card - based kcc. needless to stress, technology enabled banking products and processes are fraught with risks and the banks have to identify and put in place adequate risk mitigants to ensure the safety and security of the products. one such initiative by the reserve bank was mandating additional factor of authentication for all card not present ( cnp ) transactions. banks have been advised that all new debit and credit cards to be issued only for domestic usage unless international use is specifically sought by the customer. such cards enabling international usage

times. as technologies advance and digital forms of money increasingly enter the field, policymakers will not be able to remain “ on the sidelines ”. there are two sides to every coin, after all. on that note, i would like to wish you all a very pleasant and interesting evening. you still have to decide between an excellent red and an equally excellent white wine. the choice is yours. perhaps a coin toss will help. thank you. 1 deutsche bundesbank ( 2018 ), payment behaviour in germany in 2017 – fourth study of the utilisation of cash and cashless payment instruments. 2 ibid. 3 / 4 bis central bankers'speeches 3 deutsche bundesbank ( 2019 ), the cost of payment methods in the retail sector, monthly report, june 2019, pp. 65 – 79. 4 / 4 bis central bankers'speeches