Online Dispute Resolution System for Digital Payments In India

India is quickly transitioning to a digital economy. Because of the growing number of digital transactions, e-commerce has seized vast sectors of the Indian population, making the online market space more complex and information-intensive. With the implementation of online dispute resolution for digital payments, the RBI has demonstrated its ability to quickly adapt to the fast-paced financial technology. The relationship between the consumer and the financial institution has changed dramatically as a result of growing digitalisation. As the number of digital transactions increases, so does the number of disputes and frustrations. Authorized Payment System Operators like banks, nonbanks and their participants in India were recommended to implement Online Dispute Resolution systems for resolving consumer disputes and grievances.