April 20, 2015 / 2:18 PM / 3 years ago

India's Central bank working on integration between e-commerce firms and banks

MUMBAI (Reuters) - India’s central bank is working on improving the integration between e-commerce firms and the country’s banking systems, a deputy governor of the Reserve Bank of India (RBI) said on Monday.

The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai July 30, 2013. REUTERS/Vivek Prakash

“One area which we will now be looking at very closely, which is emerging, is how to provide integration between e-commerce platforms and banks,” Deputy Governor H.R. Khan said at a banking industry event.

India’s fast growing e-commerce market is valued at about $12 billion, however most shoppers still pay for their online purchases through cash at the doorstep.

Khan said the central bank is also considering relaxing its requirement for a two-step authentication process for small transactions to make online payments smoother.

Reporting by Neha Dasgupta, writing by Himank Sharma, editing by David Evans

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