RBI releases vision document for digital payment systems

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The Reserve Bank of India (RBI)  has released a vision document titled  ‘Payment and Settlement Systems in India: Vision 2019 – 2021’, with an aim to ensure safe, secure, convenient, quick, affordable e-payment system which  do not restrict the public from accessing payment system services.

RBI

The central bank is expecting an increase in the number of digital transactions, from 2,069 crore in December 2018 to 8,707 crore by December 2021.

“The vision document with its core theme of ‘Empowering Exceptional E-payment Experience’, envisages to achieve a highly digital and cash-lite society through the goal posts of competition, cost-effectiveness, convenience and confidence (4Cs)” , RBI release stated.

“The payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure the optimal cost to the customers and freer access to multiple payment system options”, the release added.

The RBI said that the document talks about setting up a 24X7 helpline, creating customer awareness and self-regulatory organization for system operators and service providers, among others.

No-compromise approach towards safety and security of payment systems remains a hallmark of the vision, it added.

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