RBI Payments Vision Document 2028
The Reserve Bank of India (RBI) has outlined several initiatives in its Payments Vision Document 2028 aimed at enhancing the digital payment landscape in India. Below are the key aspects:
Shared Responsibility Framework
- Joint Liability: The customer’s bank (issuer) and the beneficiary’s bank will jointly bear liability for unauthorized digital payment transactions.
- Incentivizing Fraud Prevention: This framework aims to incentivize both banks to strengthen fraud detection and prevention systems, improve coordination for timely intervention, and enhance overall consumer protection and trust in digital payments.
Customer Control over Transactions
- Switch On/Off Facility: Currently available for domestic and international card transactions, allowing customers greater control over their cards.
- Expansion to Digital Payments: Introduction of a similar facility for all digital payment modes is being explored to bolster consumer confidence and control fraud.
Open and Interoperable Card Ecosystem
- Fostering Competition: Building an open and interoperable card ecosystem to spur innovation and strengthen resilience.
- Empowerment: Empower cardholders and merchants with choice, secure and smart tokenization, and orchestration.
- Transparent Pricing: Aims to introduce transparent pricing that advances customer protection.
Cross-Border Payments Framework
- Comprehensive Review: RBI to conduct a review of the cross-border payments ecosystem to identify regulatory, operational, and technological frictions.
- Reports Publication: RBI will publish reports on cross-border payments analyzing key metrics like volumes, transaction costs, transparency, and speed.
- Benchmarking and Improvement: The reports will benchmark India’s progress against global trends, identify areas for improvement, and evaluate international developments' implications on the domestic payment system.
