Perspective on RBI's Payment Vision 2025 by Rajesh Mirjankar, Kiya.ai
Below is Perspective on RBI's Payment Vision 2025 by Rajesh Mirjankar, MD & CEO, Kiya.ai
"The Payments Vision 2025 is progressive and has an outlook to establish India as a powerhouse of payments globally. One of the most important forward-looking initiatives is the global outreach of UPI RTGS NEFT & Rupay cards with internationalization, where bilateral treaties with nations especially covering the USD, GBP and Euro will hugely benefit Indian residents and their counterparties overseas with online realization at lesser costs.
The study on creation of a digital payments protection fund (DPPF) if implemented will help customers who are defrauded. The vision of one nation one grid , and on-realisation settlement will help all stakeholders, importantly with faster realization of funds. Exploring the regulation of operators in payments ecosystem including intermediaries and BigTechs will create a level playing field for all payment operators.
Accommodating alternative authentication mechanisms and including payments using IoT will ensure our payment systems adapt to evolve new business models with the emergence of 5G along with IoT for edge computing and the metaverse. The introduction of CBDC in India, will herald our thought leadership in payments, because our wide payment ecosystem & digital outreach will ensure the success of use cases in retail & commercial transactions using CBDC delivering high efficiencies in cross border processing and settlements."
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