The Reserve Bank of India (RBI) on June 17 released ‘Payments Vision 2025’ for India aiming to provide every user with safe, secure, fast, convenient, accessible, and affordable e-payment options.
Theme
- The Payments Vision 2025 has the core theme of E-payments for everyone, everywhere, every time (4Es) and aims to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options.
Five anchor goalposts
- The Payments Vision 2025 document is presented across the five anchor goalposts of Integrity, Inclusion, Innovation, Institutionalisation, and Internationalisation.
- RBI has proposed various initiatives under the five goalposts.
Payments Vision 2025 targets
- Volume of cheque-based payments is expected to be less than 0.25% of the total retail payments.
- More than 3x increase in the number of digital payment transactions.
- UPI to register average annualised growth of 50% and IMPS / NEFT growth rate of 20%.
- Increase of payment transaction turnover vis-à-vis GDP to 8.
- Increase in debit card transactions at PoS by 20%.
- Debit card usage to surpass credit cards in terms of value.
- Increase in Prepaid Payment Instruments (PPIs) transactions by 150%.
- Card acceptance infrastructure to increase to 250 lakh.
- Increase of registered customer base for mobile-based transactions by 50% CAGR.
- Reduction in Cash in Circulation (CIC) as a percentage of GDP.
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