RBI sees India as leader in global digital payments

New Delhi: The Reserve Bank of India's (RBI) 'Payments Vision 2025' document, which seeks a three-fold jump in the number of digital payments, is progressive and aims to establish India as a powerhouse of payments globally, opined industry players.

The RBI on Friday came out with its '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 the emerging geopolitical risks. The core theme of the vision documents is 'E-Payments for Everyone, Everywhere, Everytime' (4Es), with an overall objective to provide every user with safe, secure, fast, convenient, accessible, and affordable e-payment options. Commenting on the document, Rajesh Mirjankar, MD and CEO, Kiya.ai, said the Payments Vision 2025 is progressive and has an outlook to establish India as a powerhouse of payments globally.

"One of the most important forward-looking initiatives is the global outreach of UPI, RTGS, NEFT and RuPay cards with internationalisation, where bilateral treaties with nations especially covering the USD, GBP and Euro will hugely benefit Indian residents and their counterparties overseas with online realisation at lesser costs," said Mirjankar. Dilip Modi, founder of Spice Money.

While the pandemic raged across the country, India was on a path to realising its payments vision, and digital payments grew phenomenally in volume and popularity, with a constant thrust from the government and the rise of rural fintechs. It is heartening to note that the RBI takes measures that will further enhance safety and security for rural citizens, where digital and financial literacy continues to be core challenges, he said.

V Swaminathan, Executive Chairman, Andromeda Loans and Apnapaisa, said: "The RBI came out with its Payments Vision-2025 document to check the flow of cash in distribution and enhance the overall digital transactions in the country. Overall, the RBI seems to be pushing digital transactions and reducing the time taken in various settlements. With the UPI on its side, the momentum is on the rise and the nation looks forward to having multiple options to transact irrespective of the quantum of the amount to be transacted."