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

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India’s central 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 .

area which we will now be looking at very closely, which is emerging, is how to provide integration between e-commerce platforms and ,” 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 online purchases 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)(Reuters) [pro_ad_display_adzone id=”10″]