Empowering Indians with e-payment

The Reserve Bank of India has formalized “Payment and Settlement Systems in India: Vision 2019 – 2021” based on inputs from various stakeholders and guidance of the Board for Payment and Settlement Systems (BPSS).

It envisages to achieve a ‘highly digital’ and ‘cash-lite’ society through the goal posts of Competition, Cost effectiveness, Convenience and Confidence (4Cs), said RBI in a release on 15 May 2019.

The Payment Systems Vision 2021 with its core theme of ‘Empowering Exceptional (E)payment Experience’ aims at empowering every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable.

With concerted efforts and involvement of all stake holders, the Payment Systems Vision 2021, with its 36 specific action points and 12 specific outcomes, aspires to:
(a) enhance Customer experience, including robust grievance redressal;
(b) empower payment System Operators and Service Providers;
(c) enable the payments Eco-system and Infrastructure;
(d) put in place Forward-looking Regulations; and (e) undertake Risk-focused Supervision.

The ‘no-compromise’ approach towards safety and security of payment systems remains a hallmark of the Vision.

The payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure optimal cost to the customers and freer access to multiple payment system options, said RBI.

Meanwhile, a High-Level Committee on Deepening of Digital Payments, under the Chairmanship of Nandan Nilekani, former Chairman, UIDAI, has its suggestions on promoting digital payments to RBI Governor Shaktikanta Das.

The Committee has held its deliberations including consultations with various stakeholders.

In January 2019, the Reserve Bank of India had set up the five-member panel on deepening digital payments with a view to encouraging digitisation of payments and enhance financial inclusion through digitisation. fiinews.com