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ARTICLE · 25 AUGUST 2023

RBI's Payment Vision 2025: Key Initiatives And Goals

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The use of digital payment systems such as mobile wallets, net banking, electronic authentication and other forms of payments that diverge from the traditional payment methods to a cashless economy...

IndiaFinance and Banking
NovoJuris Legal
NovoJuris Legal
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The use of digital payment systems such as mobile wallets, net banking, electronic authentication and other forms of payments that diverge from the traditional payment methods to a cashless economy have witnessed a massive surge in India. The rapid and constant evolution of payment ecosystems has gained momentum by being facilitated with technology and innovation. Additionally, the COVID-19 pandemic has induced consumers to engage in cashless transactions instituting a behavioural change that resulted in a massive upsurge of online transactions.

At this critical juncture, the RBI has released is Payments Vision 2025 document, highlighting crucial initiatives and goals, while addressing the most pressing challenges to the digital payment system in India.

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