{"id":11438,"date":"2022-07-29T10:43:00","date_gmt":"2022-07-29T05:13:00","guid":{"rendered":"https:\/\/blogrevamp.cashfree.com\/?p=11438"},"modified":"2023-03-07T18:29:24","modified_gmt":"2023-03-07T12:59:24","slug":"rbi-payments-vision-2025","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/","title":{"rendered":"What To Expect From RBI\u2019s Payments Vision 2025"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #005c31;color:#005c31\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #005c31;color:#005c31\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#What_Is_RBIs_Payments_Vision_2025\" >What Is RBI\u2019s Payments Vision 2025?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#Anchor_Goalposts_Of_Payments_Vision_2025\" >Anchor Goalposts Of Payments Vision 2025&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#What_Does_the_RBIs_Payments_Vision_Hold_For_Merchants\" >What Does the RBI\u2019s Payments Vision Hold For Merchants?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#Payments_Innovation\" >Payments Innovation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#Centralised-Payment_System\" >Centralised-Payment System&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#Card_Payments\" >Card Payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#Payment_System_Operators\" >Payment System Operators&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#Fraud_Risk\" >Fraud\/ Risk<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#Goals_To_Achieve_Via_The_Payments_Vision_2025\" >Goals To Achieve Via The Payments Vision 2025<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#Significance_Of_The_Payments_Vision_2025\" >Significance Of The Payments Vision 2025<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#Shape_Indias_Payment_Ecosystem\" >Shape India\u2019s Payment Ecosystem<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#Serve_As_A_Yardstick_To_All_Payment_Players\" >Serve As A Yardstick To All Payment Players<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/#Focus_On_Global_Reach\" >Focus On Global Reach<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">The Reserve Bank of India has recently released its \u201cPayments Vision 2025\u201d document. It aims to explain how the Indian payments industry will drive digitisation and enhance the outreach of digital modes of payments across the country.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The document also details some other important aspects including,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Means to accelerate the development of the payments industry<\/li>\n\n\n\n<li>Offer a bouquet of safe, secure, innovative and efficient payment methods<\/li>\n\n\n\n<li>Provide low or no-cost payment options to users and merchants alike<\/li>\n\n\n\n<li>Offer payment services every time, everywhere<\/li>\n\n\n\n<li>Provide customer-friendly resolutions and grievance redressals<\/li>\n\n\n\n<li><a href=\"https:\/\/blog.cashfree.com\/bringing-consumer-protection-to-card-issuance\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=rbi_payments_vision_2025\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Protect a customer\u2019s personal information<\/mark><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s take a look at each of these key components in detail.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_RBIs_Payments_Vision_2025\"><\/span>What Is RBI\u2019s Payments Vision 2025?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Over the last couple of years, the Indian payments industry has gone through accelerated development. Increased adoption of technology and innovation; introduction of new payment systems such as UPI, Bharat QR, etc, and a highly secure support system have established India as global payments powerhouse.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Payments Vision 2025, prepared based on the guidance from the Board for Regulation and Supervision of Payment and Settlement Systems of the <a href=\"https:\/\/www.rbi.org.in\/\" rel=\"nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Reserve Bank of India<\/mark><\/a>, ensures,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Further digital payment acceleration across the country<\/li>\n\n\n\n<li>Continuing introduction of affordable payment options<\/li>\n\n\n\n<li>Digital payment access to everyone, everywhere, and every time with convenience<\/li>\n\n\n\n<li>Push to BigTechs and Fintechs to bring in more innovation<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Note that the new payments vision has been built on the initiatives enlisted in the <a href=\"https:\/\/rbidocs.rbi.org.in\/rdocs\/PublicationReport\/PDFs\/PAYMENT1C3B80387C0F4B30A56665DD08783324.PDF\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Payments Vision 2019-21<\/mark><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Anchor_Goalposts_Of_Payments_Vision_2025\"><\/span>Anchor Goalposts Of Payments Vision 2025&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Payments Vision 2025 document is spread across five anchor goalposts. These include integrity, inclusion, innovation, institutionalisation, and internationalisation.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"770\" height=\"180\" data-attachment-id=\"11455\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/5-anchor-goalposts-of-rbis-payments-vision-2025\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/5-Anchor-Goalposts-Of-RBIs-Payments-Vision-2025.png?fit=1080%2C253&amp;ssl=1\" data-orig-size=\"1080,253\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"5-Anchor-Goalposts-Of-RBIs-Payments-Vision-2025\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/5-Anchor-Goalposts-Of-RBIs-Payments-Vision-2025.png?fit=770%2C180&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/5-Anchor-Goalposts-Of-RBIs-Payments-Vision-2025.png?resize=770%2C180&#038;ssl=1\" alt=\"5 anchor goal-posts of the RBI&quot;s payments vision 2025\" class=\"wp-image-11455\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/5-Anchor-Goalposts-Of-RBIs-Payments-Vision-2025.png?resize=1024%2C240&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/5-Anchor-Goalposts-Of-RBIs-Payments-Vision-2025.png?resize=300%2C70&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/5-Anchor-Goalposts-Of-RBIs-Payments-Vision-2025.png?resize=768%2C180&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/5-Anchor-Goalposts-Of-RBIs-Payments-Vision-2025.png?w=1080&amp;ssl=1 1080w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Integrity<\/strong><\/td><td>&#8211; Weave in alternate authentication mechanism(s) for digital payment transactions<br>&#8211; Broaden scope, usage and relevance of LEI in all payment activities&nbsp;<br>&#8211; Expand interoperability to contactless transit card payments in offline mode<br>&#8211; Enhance scalability and resilience of payment systems&nbsp;<br>&#8211; Leverage ODR system for fraud monitoring and reportingProvide enhancements to CPFIR<br>&#8211; Provide payee name look-up for fund transfersIncrease proportionate oversight of PSOs<br>&#8211; Include assessment of RTGS &amp; NEFT under Principles for Financial Market Infrastructures (PFMIs)<br>&#8211; Explore local processing of payment transactions<br>&#8211; Study creation of Digital Payments Protection Fund (DPPF)<\/td><\/tr><tr><td><strong>Inclusion<\/strong><\/td><td>&#8211; Enable geotagging of digital payment infrastructure and transactions<br>&#8211; Revisit guidelines for PPIs including closed system PPIs <br>&#8211; Consider framework for regulation of all significant intermediaries in payments ecosystem<br>&#8211; Bring in enhancements to Cheque Truncation System (CTS), including One Nation One Grid clearing and settlement perspective<br>&#8211; Extend Internal Ombudsman Scheme to all PSOs<br>&#8211; Support increase in market trading and settlement hours<br>&#8211; Upscale customer outreach and awareness activities<br>&#8211; Revisit scope and usefulness of PIDF scheme<br>&#8211; Attempt regulation of BigTechs and FinTechs in payments space<br>&#8211; Continue endeavour to collect and publish granular, disaggregated payment systems data<br>&#8211; Make payment systems more inclusive<br>&#8211; Undertake evaluation of charges for all payment systems<br>&#8211; Coordinate migration of government receipts and payments to digital mode<\/td><\/tr><tr><td><strong>Innovation<\/strong><\/td><td>&#8211; Facilitate framework for IoT and context-based payments<br>&#8211; Migrate all RBI-operated payment system messages to ISO 20022 standard<br>&#8211; Link credit cards and credit components of banking products to UPI<br>&#8211; Create payment system for processing online merchant payments using internet \/ mobile banking<br>&#8211; Organise payment innovation contests &amp; hackathons<br>&#8211; Review need for multiple payment identifiers<br>&#8211; Explore guidelines on payments involving Buy Now Pay Later (BNPL) services<\/td><\/tr><tr><td><strong>Institutionalisation<\/strong><\/td><td>&#8211; Comprehensive review of legislative aspects of PSS Act provisions and regulations<br>&#8211; Constitute a Payments Advisory Council (PAC) to assist Board for Regulation and Supervision of Payment and Settlement Systems (BPSS)<br>&#8211; Operationalise National Card Switch for card transactions at PoS and resultant settlements<br>&#8211; Active engagement and involvement in international fora (discussions of standard setting bodies)<\/td><\/tr><tr><td><strong>Internationalisation<\/strong><\/td><td>&#8211; Global outreach of RTGS, NEFT, UPI and RuPay cards<br>&#8211; Expand SFMS, InFiNet frameworks across jurisdictions<br>&#8211; Two-Factor Authentication (2FA) for cross-border card transactions<br>&#8211; Seek inclusion of INR in Continuous Linked Settlement (CLS)&nbsp;<br>&#8211; Bring further efficiencies in payment processing and settlements on introduction of Central Bank Digital Currencies (CBDCs) \u2013 Domestic and Cross-Border<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/rbidocs.rbi.org.in\/rdocs\/PublicationReport\/Pdfs\/PAYMENTSVISION2025844D11300C884DC4ACB8E56B7348F4D4.PDF\" rel=\"nofollow\"><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Source &#8211; RBI Payments Visions 2025<\/mark><\/em><\/a><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Does_the_RBIs_Payments_Vision_Hold_For_Merchants\"><\/span>What Does the RBI\u2019s Payments Vision Hold For Merchants?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Payments Vision 2025 provides a holistic view of what the RBI plans to achieve by 2025, outlining specific targets on the policy front. Here\u2019s what merchants should know and look forward to.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"770\" height=\"236\" data-attachment-id=\"11457\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/rbi-payments-vision-2025\/core-theme\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/core-theme.png?fit=808%2C248&amp;ssl=1\" data-orig-size=\"808,248\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"core-theme\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/core-theme.png?fit=770%2C236&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/core-theme.png?resize=770%2C236&#038;ssl=1\" alt=\"Core theme of the RBI Payments Vision 2025\" class=\"wp-image-11457\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/core-theme.png?w=808&amp;ssl=1 808w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/core-theme.png?resize=300%2C92&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/08\/core-theme.png?resize=768%2C236&amp;ssl=1 768w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Payments_Innovation\"><\/span><strong>Payments Innovation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Implement Two-factor authentication (2FA) for crossborder card transactions<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">RBI will evaluate the need to introduce an additional factor of authentication (AFA) for international transactions done using cards issued in India to provide additional security.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Educate customers about such additional&nbsp; authentication requirements being introduced to avoid confusion and payment cancellations<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Regulate Buy Now Pay Later (BNPL) as a payment mode&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI plans to re-examine and issue appropriate guidelines on payments involving <a href=\"https:\/\/www.cashfree.com\/blog\/buy-now-pay-later-bnpl\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=rbi_payments_vision_2025\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">BNPL as a mode of payment<\/mark><\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>New compliance requirements may come in impacting business models here<\/li>\n\n\n\n<li>Changes may be seen in BNPL partner models and processes for issue, for eg., recently loading of&nbsp; prepaid cards\/ wallets&nbsp; via credit lines was restricted, impacting certain BNPL offerings&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. Regulate BigTech and Fintechs in payments<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The authorities are planning to bring BigTechs and <a href=\"https:\/\/www.cashfree.com\/blog\/future-of-fintech\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=rbi_payments_vision_2025\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Fintechs<\/mark><\/a> under the regulatory purview, a discussion paper is to be issued.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Introduce a new policy framework that focuses on multiple elements including domestic incorporation, data usage, reporting, etc.&nbsp;<\/li>\n\n\n\n<li>BigTechs and Fintechs in payments will have to follow the new policies&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>4. Link credit cards &amp; credit components of banking products to UPI<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">UPI-led transactions have exponentially increased since its introduction in 2016. The primary reasons behind its popularity include the convenience and seamless experience it offers to users.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At present, a UPI user can only link their bank accounts and debit cards to <a href=\"https:\/\/cashfree.com\/blog\/vpa-in-upi\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=rbi_payments_vision_2025\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">UPI VPA (virtual payment account)<\/mark><\/a>. Authorities are in plans to link credit cards and credit components of banking products to UPI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Till now credit payments via UPI could only happen by linking it with an overdraft account.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Adds credit payments to UPI\u2019s multiple features including mobile payments, QR codes and AutoPay<\/li>\n\n\n\n<li>Easy credit payments by customers via UPI, even at kiranas or via QR codes<\/li>\n\n\n\n<li>Create a framework to enable the linkage of credit components of banking products to UPI<\/li>\n\n\n\n<li>Ensure transaction safety and security through the process&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Centralised-Payment_System\"><\/span>Centralised-Payment System&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>5. Payee name look-up for beneficiary check for NEFT\/RTGS\/ IMPS<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The existing payment systems i.e. RTGS, NEFT, IMPS, and UPI provide fund transfer confirmation to both, the sender and the receiver. However, only UPI provides the facility to validate the name of the account holder.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lack of account validation is one of the primary reasons behind faulty payments and frauds.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Regulator and payments industry will explore tactical innovations to improve verifications and validations and eliminate the risk of faulty payments&nbsp;&nbsp;&nbsp;<\/li>\n\n\n\n<li>Verify receivers for vendor payments, salary payouts, etc. by merchants\/ their payments processors<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>6. Review the need for multiple payment identifiers<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fund transfers made via RTGS, NEFT, and IMPS ideally require the beneficiary\u2019s account number and IFSC code. However, each account number is unique and hence the need for IFSC seems obsolete.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">RBI plans to review the need for IFSC to make fund transfers and come up with alternative options with suitable provisions to collect beneficiary bank details.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Increasingly seamless funds transfers as the industry comes up with innovative ways to verify beneficiary details<\/li>\n\n\n\n<li>Reduced failed funds transfers due to incorrect IFSC details&nbsp;<\/li>\n\n\n\n<li>A chance to come up with innovations and bring about a change to the existing, obsolete methods&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>7. Global outreach initiatives for NEFT\/ RTGS<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI will actively support expanding the international reach of domestic payment systems, keeping in mind the <a href=\"https:\/\/cashfree.com\/blog\/upi-global\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=rbi_payments_vision_2025\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">recognition of UPI\u2019s potential globally<\/mark><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI will explore the feasibility of expanding RTGS to settle transactions in other major trade currencies including USD, Pound, Euro, etc. through bi-lateral or multilateral arrangements. This has promise for supporting international trade to and from India, allowing real-time proceeds to traders in foreign currencies, and setting the stage for the country as a major centre for international financial trades.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It also aims to analyse if central banks of other countries can open current and settlement accounts with the RBI and vice versa. This will allow them to&nbsp; make and accept payments from other jurisdictions via India\u2019s Centralised Payment System (CPS).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Significant ease and efficiency to processing of international payments and in a timely manner<\/li>\n\n\n\n<li>An opportunity for financial institutions to provide foreign traders and Indian merchants with a framework to send and accept payments in a variety of currencies<\/li>\n\n\n\n<li>Offer cross-border transactions at a cost-effective rate, ease foreign exchange related delays\/ costs<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Card_Payments\"><\/span>Card Payments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>8. Introduce a National Card Switch for card transactions at POS locations<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Currently, card transactions are processed only via the concerned card networks at <a href=\"https:\/\/www.cashfree.com\/blog\/digitizing-pos-payments\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=rbi_payments_vision_2025\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">POS terminals<\/mark><\/a>. The introduction of a National Card Switch (NCS) can increase competitiveness and efficiency to process card transactions.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Improved processing of card transactions at PoS with reduced network related transaction failures and resultant customer dropouts<\/li>\n\n\n\n<li>Revisit pricing which may include reduced charges levied to merchant<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>9. Make contactless transit card payments in offline mode interoperable<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The primary aim is to make transit cards fully interoperable across all identified use cases such as travel, toll payments, metro, etc. Customers will enjoy a seamless travel experience without needing to switch between multiple payment instruments as they move around.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For transit operators &amp; others infrastructure level changes or upgrades may be required once the solution is developed&nbsp;<\/li>\n\n\n\n<li>Increased customer convenience via seamless, faster payments, easier reloading<\/li>\n\n\n\n<li>Reduced queues and crowding at toll booths, ticket counters, etc.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>10. Process online merchant payments using internet\/mobile banking<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI plans to introduce a new framework to process merchant (business) transactions via internet or mobile banking through a parallel system instead of through <a href=\"https:\/\/www.cashfree.com\/blog\/what-is-a-payment-gateway-india\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=rbi_payments_vision_2025\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">payments gateways<\/mark><\/a>\/ aggregators alone.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Improved settlement timeline for internet\/mobile banking transactions<\/li>\n\n\n\n<li>Revisit processing fee (which may increase owing to new infra setup)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Payment_System_Operators\"><\/span>Payment System Operators&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>11. Ring-fence domestic payments systems<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI is looking to process all transactions within India which currently can be done abroad as well. This can include mandating domestic processing of payment transactions. Currently norms only mandate storage of payments data within India.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This will possibly entail major infrastructure level changes for payments players, including adapting processes and setting up infrastructure to ensure compliance.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Possible changes to well-established flows like for payments processing post compliance&nbsp;<\/li>\n\n\n\n<li>Revision of costs taking into account costs of new payment flows and increased infra investment cost for payments players<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>12. Review PPI guidelines, including closed PPIs<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI has plans to analyse, <a href=\"https:\/\/www.cashfree.com\/blog\/rbi-bans-loading-ppis-via-credit-lines\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=rbi_payments_vision_2025\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">evaluate and develop a framework for all types of PPIs<\/mark><\/a>. These would also include \u2018closed-system PPIs\u2019 which are currently not regulated or supervised by the RBI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Unregulated PPIs including closed-system PPIs, often used by merchants for refunds, rewards, etc. will be brought under the&nbsp; supervision of the RBI<\/li>\n\n\n\n<li>KYC norms, definitions, issue, etc. may be reviewed, which may impact merchant issue of PPIs to customers<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>13. Evaluate charges levied by financial institutions<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Payments processing entails a range of costs from MDR, switching fees, interchange, PSP fees and so on. The RBI plans to take a comprehensive look at the charges levied by financial institutions on merchants\/customers to ensure fairness.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cap on charges levied by financial institutions to ensure they\u2019re reasonable and do not keep merchants\/customers from using digital payment systems<\/li>\n\n\n\n<li>Financial institutions will have to redefine their pricing strategies.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>14. Regulate all payment intermediaries including offline PAs<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Innovation has introduced multiple new-age payments intermediaries in the ecosystem. Bringing all significant intermediaries including offline PAs, similar to online payment aggregators (PAs), under the regulatory ambit will be considered.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Payment intermediaries including offline PAs will have to comply with all the regulatory guidelines\/mandates put forth by the RBI.<\/li>\n\n\n\n<li>Merchants relying on payments intermediaries and service providers may see new compliance obligations<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fraud_Risk\"><\/span>Fraud\/ Risk<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>15. Broader LEI usage for sanctions screening, KYC, invoice reconciliation, etc&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI is encouraging the use of Legal Entity Identifiers (LEI) in payment systems and areas of sanction screening, know your customer (KYC), invoice reconciliation, fraud detection, etc. LEIs currently play an important role in uniquely identifying an entity and ensuring faster tracking and transparency in payments. For eg., LEI is mandatory for a large-value (Rs.50cr and above) NEFT\/ RTGS transaction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Merchants will see more frequent use of LEI in a greater range of payment related activities<\/li>\n\n\n\n<li>Merchants who did not need LEI till now may need to obtain one, and banks will need to ensure issuance of the LEIs to them<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>16. Leverage the ODR system to monitor and report fraud<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As per RBIs Master Direction on Digital Payment Security Controls dated February 18, 2021, financial institutions (FIs) must provide a mechanism for customers to identify\/mark a transaction as fraudulent on both mobile and internet banking applications.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once marked, the fraudulent transaction needs to be seamlessly notified to the relevant financial institutions, like the customer\u2019s bank and thereafter to the beneficiary\u2019s bank. For these, until a central agency to facilitate these notification (routing of messages) to the FIs, the RBI\u2019s ODR system may be leveraged.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Seamlessly and instantly report fraudulent&nbsp; transactions, possible reduction in TAT for fraud resolution<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>17. Geo-tagging of digital payment infrastructure and transactions&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although the RBI has already started collecting customer transaction information including geo-coordinates of payment, it wants to examine the need and feasibility keeping in mind a customer\u2019s privacy concerns&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Possible implications for merchants,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No direct implications expected as most PoS devices already collect geo-location data<\/li>\n\n\n\n<li>Possible requirement to assist banks or PoS providers with fulfilling reporting and other compliance requirements, such as providing data on payment touch-points in use, etc.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Goals_To_Achieve_Via_The_Payments_Vision_2025\"><\/span>Goals To Achieve Via The Payments Vision 2025<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Reduce the volume of cheque-based payments to about 0.25% of the total retail payments<\/li>\n\n\n\n<li>Triple the number of digital payment transactions across the nation<\/li>\n\n\n\n<li>Ensure UPI registers an annual growth of 50% and IMPS\/NEFT 20%<\/li>\n\n\n\n<li>Increase payment transaction turnover along with GDP to 8<\/li>\n\n\n\n<li>Ensure implementation and adherence to tokenization rules by all financial institutions&nbsp;&nbsp;&nbsp;<\/li>\n\n\n\n<li>Increase debit cards transactions by 20% at PoS locations<\/li>\n\n\n\n<li>Increase the usage of debit cards compared to credit cards in terms of value<\/li>\n\n\n\n<li>Mark an increase in PPI transactions by about 150%<\/li>\n\n\n\n<li>Increase the card acceptance infrastructure to INR 250 lakhs<\/li>\n\n\n\n<li>Increase mobile-based transactions made by registered customers by 50% CAGR<\/li>\n\n\n\n<li>Reduce the circulation of cash<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Significance_Of_The_Payments_Vision_2025\"><\/span>Significance Of The Payments Vision 2025<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Payments Vision 2025 will primarily address three things.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shape_Indias_Payment_Ecosystem\"><\/span>Shape India\u2019s Payment Ecosystem<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The document aims to,&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Provide a strategic direction and implementation plan to shape India\u2019s payment ecosystem<\/li>\n\n\n\n<li>Make online and <a href=\"https:\/\/cashfree.com\/blog\/offline-digital-payments\/?utm_source=blog&amp;utm_medium=organic&amp;utm_campaign=rbi_payments_vision_2025\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">offline digital payments<\/mark><\/a> safe, secure, seamless, convenient, accessible, and affordable<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Serve_As_A_Yardstick_To_All_Payment_Players\"><\/span>Serve As A Yardstick To All Payment Players<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Payments Vision 2025 document will serve as a yardstick for all players operating in the Indian payments ecosystem, including Fintechs and other stakeholders. It will encourage them to enhance their respective capabilities and come up with innovative means to serve the general public in every possible manner. However, these must align with the RBI\u2019s overall vision and objectives.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Focus_On_Global_Reach\"><\/span>Focus On Global Reach<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Owing to the successful introduction and adoption of UPI and RuPay cards in foreign countries such as Dubai, Nepal, Nepal, France, etc. the RBI now plans to capture the globe.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under the 2025 payments vision, India aims to make payments available for \u201ceveryone, everywhere, every time,\u201d while ensuring utmost safety, security, convenience, and affordability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India has recently released its \u201cPayments Vision 2025\u201d document. It aims to explain how the Indian payments industry will drive digitisation and enhance the outreach of digital modes of payments across the country.&nbsp;&nbsp; The document also details some other important aspects including, Let\u2019s take a look at each of these key<\/p>\n","protected":false},"author":29,"featured_media":11452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-11438","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What To Expect From RBI&#039;s Payments Vision 2025<\/title>\n<meta name=\"description\" content=\"Here&#039;s a summary of RBI&#039;s recently released Payments Vision 2025 and initiatives it plans to take to strengthen the Indian payments industry.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cashfree.com\/blog\/rbi-payments-vision-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What To Expect From RBI&#039;s Payments Vision 2025\" \/>\n<meta property=\"og:description\" content=\"Here&#039;s a summary of RBI&#039;s recently released Payments Vision 2025 and initiatives it plans to take to strengthen the Indian payments industry.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cashfree.com\/blog\/rbi-payments-vision-2025\/\" \/>\n<meta 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