Payments Council of India (PCI), Chairman, Members, Initiatives

The Payments Council of India works with the government and regulators to address industry challenges and support the growth, innovation and wider adoption of digital payments in India.

What is the Payments Council of India?

The Payments Council of India (PCI) is an industry body that represents non-banking companies working in India’s digital payments sector. It works with the government and regulators to address issues affecting the growth of digital payments.

• Payments Council of India (PCI) was formed in 2013 under the aegis of the Internet and Mobile Association of India (IAMAI).
• It was set up to give non-banking payment companies a common platform to raise industry-related issues and suggest solutions.
• PCI works with 140+ members, representing more than 90% of the industry, according to its website.
• Its work covers different parts of digital payments such as digital wallets, merchant payments, payment networks, UPI, remittances and payment technology.
• It works with institutions such as the Reserve Bank of India (RBI), Ministry of Finance and other government bodies on issues related to the payments sector.
• Its broader objective is to support the growth of digital payments, financial inclusion and a less-cash economy.

What does the Payments Council of India do?

Payments Council of India (PCI) mainly works as a representative body for the payments industry.

• Raises industry issues by bringing problems faced by payment companies to the attention of policymakers and regulators.
• Provides policy inputs on rules and regulations affecting digital payments.
• Brings industry players together to discuss common challenges and possible solutions.
• Works with regulators and government bodies on issues related to payment systems and digital transactions.
• Supports the growth of digital payments by encouraging innovation and wider adoption.
• Promotes financial inclusion by supporting payment services that can reach more people and businesses.

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Payments Council of India Members 

PCI membership is open to non-banking organisations involved in the payments and settlement system or operating in the payments sector.

Its members can include prepaid payment issuers, merchant aggregators and acquirers, payment processors, card networks, payment service providers, domestic and international money transfer facilitators, Point of Sale (PoS) service providers, payment solution providers and business correspondents.

Payments Council of India Committees

The digital payments sector includes many different types of businesses. Payments Council of India (PCI) has therefore created eight committees to focus on specific areas.

• Prepaid Payment Issuers deals with prepaid cards, wallets and other prepaid payment instruments.
• Merchant Aggregators and Acquirers focuses on services that help merchants accept and process digital payments.
• Payments Bank deals with issues related to the payments bank sector.
• International Remittance and Trade focuses on cross-border money transfers and remittance services.
• Bharat Bill Payments Operating Units (BBPOUs) deals with the bill payment ecosystem under the Bharat Bill Payment System (BBPS).
• Payments Network focuses on companies involved in payment transaction processing and payment networks.
• Unified Payments Interface (UPI) focuses on issues related to businesses and entities operating on the UPI platform.
• Payment Technology Enablers deals with companies providing technology and platforms to banks and non-bank payment companies.

Payments Council of India Key Initiatives

PCI has also undertaken initiatives aimed at improving the digital payment experience.

One notable example is Project Pratima, under which the industry developed standardized icons for common digital payment actions such as sending money, scanning a QR code, checking balance and viewing transaction history. The objective is to make payment interfaces more familiar and easier for users to understand.

PCI has also participated in policy discussions on QR-code interoperability, digital KYC, payment aggregators, recurring transactions and card-on-file tokenisation, providing industry feedback to regulators.

Payments Council of India Significance

India has rapidly moved towards digital payments through platforms such as UPI, mobile wallets, cards and QR-based payments. In this growing ecosystem, PCI is important because:

• It gives payment companies a common platform to raise their concerns.
• It helps policymakers understand the practical challenges faced by the industry.
• It provides industry feedback while new payment-related policies and regulations are being discussed.
• It supports innovation and wider use of digital payments.
• Its work contributes to broader goals of financial inclusion and a less-cash economy.