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Since 2001, the Reserve Bank of India has been providing strategic directions and implementation plans for building a robust payment ecosystem in India. The Payment Vision 2025 released by RBI will ensure secure, reliable, accessible, efficient and affordable payment systems.These measures elaborated under the Payment Vision 2025[1] document will enhance the financial security in rural areas and can bring a more focused approach towards digital and financial literacy.
The Payment Vision 2025 also elucidates the accomplishments of Payment Vision 2019-2021 by adhering to the roadmap provided under the document. Some of the significant achievements are listed below:
The core theme of RBI’s Payment Vision 2025 is ‘E-Payments for Everyone, Everywhere, Everytime (4Es). The document envisions 6 attributes to provide every e-payment user with secure, fast, convenient, safe, affordable and accessible e-payment options.
The Payment Vision 2025 establishes the RBI’s approach toward facilitating users with less digital experience.The Payment Vision 2025 document aims for India to become a global power in Digital Payments. The RBI’s Payments Vision 2025 document is presented across the five pillars of Integrity, Inclusion, Innovation, Institutionalisation, and Internationalisation.
Integrity
Inclusion
Innovation
Institutionalisation
Internationalisation
The five goal-posts of Payment Vision 2025 shall have the following 10 expected outcomes within the Vision Period:
i. Volume of cheque-based payments to be less than 0.25% of the total retail payments;
ii. Threefold increase in the number of digital payment transactions;
iii. UPI to register average annualised growth of 50% and IMPS / NEFT at 20%;
iv. Increase of payment transaction turnover in relation to GDP (Gross Domestic Product) to 8;
v. Increase in debit card transactions at Point of Sale by 20%;
vi. Debit card usage to surpass credit cards in terms of value;
vii. Increase in PPI transactions by 150%;
viii. Card acceptance infrastructure to increase to 250 lakh;
ix. Increase of registered customer base for mobile-based transactions by 50% CAGR; and
x. Reduction in Cash in Circulation (CIC) as a percentage of GDP.
Conclusion
India has been continuously working on achieving financial inclusion in India to bring financial stability and economic development. This document will act as a yardstick for all the stakeholders (FinTechs and Payment Players) and will encourage them to enhance their potential by aligning with RBI’s vision.
Read our Article: RBI releases framework for geo-tagging of payment system touchpoints
Raghvendra Sonker has completed his Graduation from Gujarat National Law University. He has a keen interest in legal drafting, writing articles, and research papers. His core interest areas are Banking and Financial Issues.
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