The main theme of ‘Payments Vision 2025’ is ‘e-Payments for Everyone, Everywhere, Everytime’.
The main theme of ‘Payments Vision 2025’ is ‘e-Payments for Everyone, Everywhere, Everytime’.
The Reserve Bank’s ‘Payments Vision 2025’ document, which seeks to triple the number of digital payments, is progressive and aims to establish India as a powerhouse of payments globally with industry players.
RBI on June 17 ‘Payments Vision 2025’ document Which also talks about ring-fencing of domestic payment systems, including the need to mandate domestic processing of payment transactions in view of emerging geopolitical risks.
The core theme of the vision documents is ‘e-payments for Everyone, Everywhere, Everytime’ (4E), with the overall objective of providing a safe, secure, fast, convenient, accessible and affordable e-payment option to every user. Commenting on the document, Rajesh Mirjankar, MD & CEO, Kiya.ai said that Payments Vision 2025 is progressive and has a vision to establish India as a payments powerhouse globally.
“One of the most important forward-looking initiatives is the global reach of UPI, RTGS, NEFT and RuPay cards along with internationalization, where bilateral treaties with countries exclusively cover USD, GBP and EUR, enabling Indian residents and their counterparts Benefit will be available online. Realization at low cost,” Mr. Mirjankar said.
Spice Money founder Dilip Modi said that India was on track to realize its payments vision when the pandemic raged across the country, and there was an unprecedented rise in the volume and popularity of digital payments, with continued emphasis from the government. And the rural sector emerged. Fintech.
He said it is heartening that RBI takes measures that will further enhance safety and security for rural citizens, where digital and financial literacy remain the main challenges.
V. Swaminathan, Executive Chairman, Andromeda Loans and ApnaPaisa said that RBI has come up with its Payment Vision 2025 document to check the flow of cash in disbursements and enhance overall digital transactions in the country. “Overall, RBI is emphasizing on digital transactions and reducing the time taken for various settlements. With UPI, the pace is picking up and there are expected to be multiple options to transact irrespective of the volume of the nation. The amount to be transacted,” he said.
Anand Kumar Bajaj, Founder, MD and CEO, PayNearby was of the opinion that inclusion and innovation are the two important goals of the document put out by RBI. “To advance the collective goal of financial inclusion for all, it is important to deepen our engagement with stakeholders and deepen our reach into the real economy.
“Therefore, it is important to connect with private enterprises that are present in people’s lives and take commerce to the bottom of the pyramid,” Mr. Kumar said.
Avinash Godkhindi, MD & CEO, Zagal said that India has made phenomenal progress in payments over the years, with UPI and RuPay being the biggest success stories. “Taking them globally now will clearly establish India as the undisputed global leader in payments. Linking credit cards to UPI is another gamechanger as India’s central bank digital currencies (CBDC) globalize,” Mr Godkhindi said.
According to RBI, the total digital payments for the month of March 2022 has increased by 216% and 10% respectively in terms of volume and value as compared to March 2019.
On the other hand, the use of paper equipment has decreased significantly during the same period, with its share in total retail payments falling from 3.83% in volume terms to 0.88% and in value terms from 19.62% to 11.47%.
Issuing the document, the central bank had said that the ‘Payments Vision 2025’ has been prepared after considering the inputs and guidance of various stakeholders from the Board for regulation and supervision of payment and settlement system of RBI.