The RBI’s ‘Payment Systems Vision 2021’ document would act as a catalyst for promoting digital economy and instill confidence among the general public. Aiming at a ‘cash-lite’ society, the Reserve Bank of India last week released the 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 document said 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). 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). With growing competition, industry players will be able to offer services at an optimal cost to their customers. RBI aims to bring innovation in technology and processes that will eventually save time of end consumers.

(Business Standard)