Mumbai:Aiming at a 'cash-lite' society, the Reserve Bank of India on Wednesday released a vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system as it expects the number of digital transactions to increase more than four times to 8,707 crores in December 2021.
The 'Payment and Settlement Systems in India: Vision 2019 - 2021', with its core theme of 'Empowering Exceptional (E)payment Experience', envisages to achieve "a highly digital and cash-lite society" through the goal posts of competition, cost-effectiveness, convenience and confidence (4Cs).
The RBI said the payment systems landscape will continue to change with further innovation and entry of more players which is expected to ensure the optimal cost to the customers and freer access to multiple payment system options.
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"The Reserve Bank of India will implement the approach outlined in this Vision during the period 2019 - 2021," it said. The previous vision document covered the period 2016 to 2018.
The latest vision document said payment systems like UPI/IMPS are likely to register average annualised growth of over 100 per cent and NEFT at 40 per cent over the vision period (period up to December 2021).