RBI’s Payment vision 2025 aims to establish India as Powerhouse of Payments Globally.

KEY POINTS:

• The RBI came out with its ‘Payments Vision 2025’document which 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.
• The Reserve Bank’s ‘Payments Vision 2025’ document, which seeks a threefold jump in the number of digital payments, is progressive and aims to establish India as a powerhouse of payments globally, opined industry players.
• 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.