RBI releases vision document for e-payment system

Reserve Bank of India has released a vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system. 

The move comes as the apex bank expects the number of digital transactions to increase more than four times to 8,707 crore in December 2021. 

According to RBI release on Wednesday the 'Payment and Settlement Systems in India: Vision 2019 - 2021', with its core theme of 'Empowering Exceptional E-payment Experience', envisages to achieve "a highly digital and cash-lite society" through the goal posts of competition, cost-effectiveness, convenience and confidence (4Cs).

The RBI said the payment systems landscape will continue to change with further innovation and entry of more players which is expected to



ensure the optimal cost to the customers and freer access to multiple payment system options.

It said that the bank will implement the approach outlined in this Vision during the period 2019 - 2021. It further said that the approach of the RBI will continue to be of minimal intervention in the pricing of charges to customers for digital payments, all efforts will be made towards facilitating the operation of payment systems which are efficient and price-attractive.

The RBI said that the document talks about creating customer awareness, setting up a 24X7 helpline and self-regulatory organisation for system operators and service providers, among others. It added that the 'no-compromise' approach towards safety and security of payment systems remains a hallmark of the vision.