News By/Courtesy: Vagish | 18 May 2019 20:06pm IST

Aiming at a 'cash-lite' society, the Reserve Bank of India (RBI) 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 (E)payment Experience', envisages achieving "a highly digital and cash-lite society" through the goal posts of competition, cost-effectiveness, convenience and confidence (4Cs).

The vision statement of the Vision 2021 is that Empower every Indian with access to bouquet of e-payment options that is safe, secure, convenient, quick and affordable. The vision aims towards enhancing the experiencing of customers, empowering payment system operators and service providers, enabling the eco-system and infrastructure, putting in place a forward looking regulation and supported by a risk-focused supervision. The number of digital transactions is expected to increase more than four times from 2,069 crores in December 2018 to 8,707 crore in December 2021. In all, the Payment Systems Vision 2021 has 36 specific action points and 12 specific outcomes.

The vision statement also gave out expected outcomes to be achieved in 2021. The statement further lays down initiatives firstly regarding the customers, including providing accessible and inclusive services and setting up 24×7 helpline, secondly regarding the system operators and system providers including  feature phone based system services and offline payment solutions, thirdly ecosystem and infrastructure including availability of retail payment systems, increased coverage of the cheque truncation system(TCS) and setting up trade receivables discounting system(TREDS), fourthly Regulation including contactless payments and tokenization and increasing LEI usage for large value cross border systems and fifthly Risk-focussed supervision including third party risk management and system wide security and framework for collecting data on frauds in payment systems.  The 'no-compromise' approach towards safety and security of payment systems remains a hallmark of the vision, the RBI added.

Section Editor: Shreyashi Tiwari | 18 May 2019 20:23pm IST

Tags : #RBI #Payment_System #Released #Future #Transaction #Vision_2021

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