RBI Releases Payment Vision 2025 Aiming Triple Growth In Digi Payments
The Reserve Bank of India's (RBI) 'Payment Vision-2025' aims to make India a global power in the field of digital payments. Industry experts have expressed this opinion.
RBI has released its 'Payment Vision-2025' document, which aims to triple the growth in digital payments. Industry experts have expressed this opinion. The RBI on Friday released its 'Payment Vision' document, which aims to triple the growth in digital payments.
It said that the central bank will encourage the use of debit cards and will emphasise on reducing the circulation of cash. The document also talks about the security of domestic payment systems in view of emerging geopolitical risks, including the need to mandate domestic processing of payment transactions. The main theme of the document 'Payment Vision-2025' - E-payment is for all, everywhere, at all times.
Its overall objective is to provide secure, fast, convenient, accessible and affordable e-payment option to every user. Rajesh Mirjankar, Managing Director and Chief Executive Officer (CEO) of Kia.ai said that the 'Payment Vision-2025' is visionary and aims to establish India as a payments hub globally.
Spice Money founder Dilip Modi said that when the world was facing the pandemic, India was working on realising its payments approach. During this period there was a phenomenal increase in the volume and popularity of digital payments. It also increased rapidly in rural areas. He said that it is heartening that RBI has taken such measures, which will enhance the security for rural people, where challenges still remain regarding digital and financial literacy.
