RBI: ‘Payments Vision 2025’ Document

On June 17, 2022, the Reserve Bank of India (RBI) released its vision on architecture of digital finance, in a document for payments systems.

Payment Vision 2025 document

The document includes:

  • Regulations for BigTechs and fintechs in payments
  • Guidelines on payments along with “Buy Now Pay Later” (BNPL) services
  • Introducing central bank digital currency (CBDC)
  • Linking credit cards as well as credit components of banking products with the Unified Payments Interface (UPI).

Aim of the document

The Payments Vision 2025 document aims to provide a safe and affordable e-payment options to every user.

Goal Posts

Activities which will be taken up by RBI up to 2025 have been categorised under five anchor goal posts namely, “integrity, innovation, inclusion, institutionalisation and internationalisation”. These goal posts comprise of 47 initiatives by which RBI aims to achieve 10 outcomes, including

  • Increasing the number of digital payment transactions three times
  • UPI registering 50 per cent annualised growth
  • Immediate Payment Service (IMPS) and
  • National Electronic Fund Transfer (NEFT)
  • Debit card usage surpassing credit card usage.

With this, Reserve Bank of India expects an increase in payment transactions turnover in relation with GDP to 8 per cent. It also expects to increase in debit card transactions by 20 per cent, at point-of-sale terminals (PoS) and increase prepaid instruments (PPI) transactions by 150 per cent.

BNPL services

Document further stated that, BNPL services had developed a new payment mode along with the existing payment modes such as cards, UPI, and net banking. This channel is facilitated by some payment aggregators and leverages existing nodal account for channelising payments between BNPL customer and merchant.

RBI’s support to increase market trading

The central bank will also extend support to increase in market trading and settlement hours. Presently, capital markets and money markets operate at fixed hours while, RTGS and NEFT payment systems operate 24*7.




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