New Delhi: The Reserve Bank of India’s (RBI) 'Payments Vision 2025' plan, which seeks to triple the volume of digital payments, is progressive and intends to build India as a worldwide payments powerhouse, said industry experts.
In light of rising geopolitical threats, the RBI released its 'Payments Vision 2025' document on June 17, which mentions ring-fencing of domestic payment systems, as well as the necessity to compel domestic processing of payment transactions.
'E-Payments for Everyone, Everywhere, Everytime' (4Es) is the central subject of the vision documents, with the overarching goal of providing every user with safe, secure, rapid, convenient, accessible, and affordable e-payment choices. Rajesh Mirjankar, MD and CEO of Kiya.ai, said the Payments Vision 2025 is innovative and has the potential to develop India as a global payments powerhouse.
"One of the most important forward-looking initiatives is the internationalisation of UPI, RTGS, NEFT, and RuPay cards," Mirjankar said. "Bilateral treaties with nations, particularly those covering the USD, GBP, and Euro, will greatly benefit Indian residents and their counterparts overseas with online realisation at lower costs."
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