Money & Banking

RBI to bring out Payment System Vision Document 2025

Our Bureau | | Updated on: May 27, 2022

| Photo Credit: DHIRAJ SINGH

The document will aim to further develop the digital payments landscape

The Reserve Bank of India (RBI) will come out with its Payment System Vision 2025 Document this fiscal that would aim to further develop the digital payments landscape.

“With the achievement of the intended outcomes and completion of identified actions in Vision 2021, the Reserve Bank shall come out with its Vision for the payments ecosystem in the coming years to ensure continuous development of the payments landscape,” it said in the Annual Report 2021-22.

Other focus areas for the current fiscal 2022-23 would include implementation of framework of geo-tagging of payment acceptance infrastructure; making NEFT compliant to global messaging standards; strengthening IT and cyber security; setting up enterprise data centre and enterprise computing and cybersecurity training centre.

To enhance consumer experience and provide greater insights into payment trends, the RBI would publish a payments dashboard with pictorial representation of trends in payment systems.

The RBI Annual Report, which was released on Friday, noted that the RBIcontinued its efforts to develop state-of-the-art payment and settlement systems in the country for building less cash society, along with a focus on increasing efficiency, improving customer convenience, expanding outreach and ensuring safety and security of payment systems as considered in the vision document.

Robust growth in payment systems

The report also highlighted the robust growth of 63.6 per cent in  payment systems in terms of volume during 2021-22 on top of the expansion of 26.7 per cent in the previous year. In value terms, the growth was 23.1 per cent as against a decline of 13.4 per cent in the previous year, mainly due to hefty growth observed in the large value payment system -- RTGS.

The share of digital transactions in the total volume of non-cash retail payments increased to 99.3 per cent during 2021-22, up from 98.8 per cent in the previous year, it further said.

Published on May 27, 2022
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