How can the private sector in India contribute to enhancing payment transparency
FATF likely to meet Indian private sector stakeholders in April 2025 on payment transparency issues
- Encouraging adoption of digital payment platforms: Private sector companies can promote the use of digital payment methods that offer transparency by ensuring transactions are traceable and recorded.
- Implementing robust compliance mechanisms: Companies can establish stringent internal controls and compliance measures to prevent fraud and ensure transparency in financial transactions.
- Participating in government initiatives: Private sector organizations can collaborate with the government in initiatives like Digital India to promote a cashless economy and improve payment transparency.
- Enhancing customer awareness: Companies can educate customers about the benefits of transparent payment systems and encourage adoption of secure digital payment methods.
- Embracing blockchain technology: Leveraging blockchain technology can enhance transparency and security in payment processes, reducing the risk of fraud and corruption.
Answered
9 months ago