2019 – Posted in: Daily News – Tags: e-payment system, IAMAI, Payment council of India

RBI’S ‘PAYMENT SYSTEMS VISION 2021

Topic covers

Preliminary: Key Features
Mains: Aim, Advantages, Vision 2019-2021, core areas, Payment Council of India, IAMAI

News Flash

The RBI’s ‘Payment Systems Vision 2021’ document would act as a catalyst for promoting digital economy and instill confidence among the general public.

The RBI will implement the approach outlined in the document during the period 2019 – 2021.

Aim

To make a ‘cash-lite’ society.
Ensure safe, secure, convenient, quick and affordable e-payment system.
Increase in number of digital transactions more than four times to 8,707 crore in December 2021.

Vision 2019-2021

The ‘Payment and Settlement Systems in India: Vision 2019 – 2021’, with its core theme of ‘Empowering Exceptional (E)payment Experience’, envisages to achieve “a highly digital and cash-lite society” through the goal posts of competition, cost effectiveness, convenience and confidence (4Cs).

The payment systems like UPI/IMPS are likely to register average annualised growth of over 100 per cent and NEFT at 40 per cent over the vision period (up to December 2021).
In all, the Payment Systems Vision 2021 has 36 specific action points and 12 specific outcomes.

Key Focus areas

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.

Way forward

RBI will continue to be of minimal intervention in the pricing of charges to customers for digital payments, all efforts will be made towards facilitating the operation of payment systems which are efficient and price-attractive.

Payments Council of India

The Payments Council of India was formed under the aegis of IAMAI in the year 2013 catering to the needs of the digital payment industry.
The Council was formed inter-alia for the purposes of representing the various regulated non-banking payment industry players, to address and help resolve various industry level issues and barriers which require discussion and action.
PCI works closely with the regulators i.e. Reserve Bank of India (RBI), Finance Ministry and any similar government, departments, bodies or Institution to make ‘India a less cash society’.

Internet and Mobile Association of India (IAMAI)

The Internet and Mobile Association of India (IAMAI) is a young and vibrant association with ambitions of representing the entire gamut of digital businesses in India. It was established in 2004 by the leading online publishers, but in the last 10 years has come to effectively address the challenges facing the digital and online industry including mobile content and services, online publishing, mobile advertising, online advertising, e-commerce and mobile & digital payments among others.

Source: First Post

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