The vision outlines a roadmap to strengthen and expand India’s digital payments ecosystem.
Key Focus Areas of Payments Vision 2028
- Cross-Border Reforms: Exploring a single-window authorization process under PSS Act and FEMA to ease international payments.
- Trade Receivables Discounting System (TReDS) Interoperability: Integration across platforms to boost MSMEs financing efficiency.
- Proposed initiatives like "Switch On/Off" Facility, Payments Switching Service (PaSS), Uniform Domestic Legal Entity Identifier (DLEI), etc.
India’s Digital Payments Ecosystem
- Global Leadership: India processes nearly 50% of global real-time digital payments.
- Key Initiatives
- Core Infrastructure: Introduced Real-Time Gross Settlement (RTGS) in 2004, National Electronic Funds Transfer (NEFT), Electronic Clearing Services (ECS), and Cheque Truncation System (CTS).
- Institutional Framework: Creation of Department of Payment and Settlement Systems (DPSS) within RBI in 2005, and the establishment of National Payments Corporation of India (NPCI) in 2008.
- Regulatory Backing: Enactment of Payment and Settlement Systems (PSS) Act, 2007, giving RBI statutory authority to regulate payment systems.
- Transformative Platforms: Unified Payments Interface (UPI), Bharat Bill Payment System (BBPS), and acceleration of Aadhaar Enabled Payment Systems (AePS).
- Market Expansion: Licensing and expansion of Prepaid Payment Instruments (PPIs), Trade Receivables Discounting System (TReDS) for MSME payments, and Master Direction on Payment Aggregators.
