RBI releases ’Vision 2021’ for payment systems for ’cash-lite’ society
5 years, 7 months ago

RBI releases ’Vision 2021’ for payment systems for ’cash-lite’ society

Live Mint  

Mumbai: Aiming at a 'cash-lite' society, the Reserve Bank of India on Wednesday released a vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system as it expects the number of digital transactions to increase more than four times to 8,707 crore in December 2021. The 'Payment and Settlement Systems in India: Vision 2019 - 2021', with its core theme of 'Empowering Exceptional payment Experience', envisages to achieve "a highly digital and cash-lite society" through the goal posts of competition, cost effectiveness, convenience and confidence. The latest vision document said payment systems like UPI/IMPS are likely to register average annualised growth of over 100% and NEFT at 40% over the vision period. The aim is to enhance customer experience, empower payment system operators and service providers, enable the payments ecosystem and infrastructure, put in place forward-looking regulations and undertake risk-focused supervision.

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History of this topic

2025 personal finance updates: Key changes in UPI, visa, EPFO, credit card, FD, and others
1 week, 3 days ago

2025 personal finance updates: Key changes in UPI, visa, EPFO, credit card, FD, and others

Hindustan Times  

As the New Year 2025 approaches, it brings with it new changes in areas such as fixed deposit rules, credit card benefits, visa regulations, and more, all of which are important to consider when planning finances. The latest financial changes for 2025 are as follows: 2025 personal finance updates 1) Fixed Deposit Changes The Reserve Bank of India has changed …

Tech Tonic | The gaps in India’s digital payments ecosystem need plugging
8 months, 2 weeks ago

Tech Tonic | The gaps in India’s digital payments ecosystem need plugging

Hindustan Times  

There is little doubt that Indians are spending more than ever before. You cannot use your credit card or debit card for subscriptions and recurring payments on the Apple App Store or the Google Play Store, be it for any app or service. Then there was a pursuit of getting RuPay credit cards aboard the UPI or unified payments interface. …

RBI issues draft guidelines on payment aggregators | Check details
8 months, 3 weeks ago

RBI issues draft guidelines on payment aggregators | Check details

India TV News  

Aiming to boost the payment ecosystem, The Reserve Bank of India on Tuesday issued draft guidelines to further strengthen regulations on payment aggregators. "Given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations …

How RBI’s proposed new payment system will be different from UPI, NEFT, RTGS
1 year, 7 months ago

How RBI’s proposed new payment system will be different from UPI, NEFT, RTGS

Live Mint  

The Reserve Bank of India's proposed lightweight payment and settlement system will introduce a paradigm shift in the Indian payment landscape. The need for lightweight payment and settlement system The central bank said that this payment system can be operated from anywhere by a bare minimum staff in order to be prepared to face extreme situations such as natural calamities …

RBI asks banks, NBFCs to promote digital payments
1 year, 10 months ago

RBI asks banks, NBFCs to promote digital payments

The Hindu  

The Reserve Bank of India has unveiled “Har Payment Digital” as part of Digital Payments Awareness Week 2023 to make every person in India a user of digital payments. Stating that payment systems in India have witnessed over 1000 crore transactions every month since December 2022, he said “This speaks volumes of the robustness of our payments ecosystem and acceptance …

Har Payment Digital: RBI launches mission to make every citizen a user of digital payment
1 year, 10 months ago

Har Payment Digital: RBI launches mission to make every citizen a user of digital payment

India TV News  

Reserve Bank of India governor Shaktikanta Das launched the "Har Payment Digital" mission on Monday, as part of the Digital Payments Awareness Week 2023. Image Source : PIB TWITTERHar Payment Digital: RBI launches mission to make every citizen a user of digital payment The HPD mission will run until the period of Vision 2025, to convert non-users into users of …

Big boost to Digital India! Govt approves Rs 2,600cr incentive scheme for RuPay, BHIM-UPI transactions
1 year, 11 months ago

Big boost to Digital India! Govt approves Rs 2,600cr incentive scheme for RuPay, BHIM-UPI transactions

India TV News  

In a big boost to Digital India initiative, the Centre has approved has approved an incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions for a period of one year from April 2022. The approved incentive scheme will focus on promoting Point-of-Sale and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions for the current financial …

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments
1 year, 11 months ago

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments

The Hindu  

The Union Cabinet approved an outlay of ₹2,600 crore to promote payments using RuPay cards and the Unified Payments Interface, Union Minister Bhupendra Yadav announced on Wednesday. Banks will be provided this incentive money to promote such digital payments, the Cabinet said in a press release. “The scheme will also promote UPI Lite and UPI 123PAY as economical and user-friendly …

RBI Monetary Policy: UPI Payments To Be Made Easier, Bharat Bill Payment System To Include All Payments
2 years, 1 month ago

RBI Monetary Policy: UPI Payments To Be Made Easier, Bharat Bill Payment System To Include All Payments

ABP News  

The Reserve Bank of India on Wednesday announced two major consumer-centric developments that will affect how you make investments, and shop online besides paying bills. The two changes announced in the monetary policy review include the Unified Payment Interface and Bharat Bill Payment System. Till now, the Bharat Bill Payment system has been limited to recurring bill payments for merchants …

RBI unveils Payments Vision 2025 with intent to increase e-payments
2 years, 6 months ago

RBI unveils Payments Vision 2025 with intent to increase e-payments

India TV News  

Highlights The core theme of the vision documents is E-Payments for Everyone, Everywhere, Everytime The volume of cheque-based payments are expected to be less than 0.25% of total retail payments UPI is expected to register average annualised growth of 50% and IMPS/ NEFT at 20% The RBI on Friday came out with its 'Payments Vision 2025' document which seeks a …

UPI-Credit Card: RBI's Decision To Give Another Filip To Homegrown Payment Platform
2 years, 7 months ago

UPI-Credit Card: RBI's Decision To Give Another Filip To Homegrown Payment Platform

News 18  

UPI-Credit Card Linking: As the Reserve Bank of India has proposed to link credit cards to Unified Payments Interface, the homegrown virtual payment system has got yet another filip for its growth. Here’s details about UPI and credit card usage in India: Total UPI Transactions in India RBI Governor Shaktikanta Das, while announcing the decision, said, “UPI has become the …

Still Strong Bias for Cash Payment; Need to Reassess PSS Act: Report
3 years, 2 months ago

Still Strong Bias for Cash Payment; Need to Reassess PSS Act: Report

News 18  

The pandemic forced an inevitable shift to digital payments but Indians continue to have a strong bias for cash payments, a report said. Due to the emergence of disruptive technologies leading to technology led payment solutions, there is a need to reassess the Payment and Settlement Systems Act, 2007, a key enabler for promoting digital transactions, the report by Vidhi …

RBI announces slew of measures to push digital payments in India
5 years, 2 months ago

RBI announces slew of measures to push digital payments in India

Live Mint  

The Reserve Bank of India on Friday announced fresh steps to push digital payments in India, including removing charges on online fund transfer system National Electronic Funds Transfer, introducing interoperable system such that FASTags can be used to pay parking fees, fuel, among other measures. The banking regulator mandated banks not to charge savings bank account customers for online transactions …

Opinion: For a cash-lite society
5 years, 7 months ago

Opinion: For a cash-lite society

Live Mint  

India’s tryst with digital payments has been a mixed bag. Though the volume of digital transactions has risen, the increase hasn’t been able to offset the predominance of cash. The RBI’s Payment Vision Report 2021, however, projects a fourfold increase in the number of digital transactions to 87 billion by December 2021. The recently released report of a panel on …

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