Aiming at a ‘cash-lite’ society, the Reserve Bank of India (RBI) 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 RBI said the payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure the optimal cost to the customers and freer access to multiple payment system options.
“The Reserve Bank of India will implement the approach outlined in this Vision during the period 2019 – 2021,” it said.
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.