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Post at: Aug 24 2022

RBI’s Payments Vision 2025

Why in News?

  • On June 17, 2022 Reserve Bank of India released a document named “Payments Vision 2025”.
  • The vision document is a progressive document which aims to establish India as a powerhouse of payments globally.


  • This is a follow up vision document after Payments Vision 2019-21 which had envisaged to empower every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable

Core Theme

  • E-Payments for Everyone, Everywhere, Everytime (4 Es)


  • Provide every user with Safe, Secure, Fast, Convenient, Accessible, and Affordable e-payment options (6 Attributes)


  • The Payments Vision 2025 document is presented across the five anchor goalposts of Integrity, Inclusion, Innovation, Institutionalisation and Internationalisation.
  • Resilience to operational and security concerns would continue to be at the heart to withstand and recover from the evolving threat landscape. 
  • Integrity of payment systems shall be non-negotiable for buttressing customer confidence.
  • Financial inclusion will be promoted through collection and publication of disaggregated payment data leading to policy enhancements; customer awareness transcending geographies; digital penetration infrastructure review etc 

Some Initiatives proposed under five anchor goalposts

  • Weave in alternative authentication mechanism(s) for digital payment transactions
  • Expanding inter-operability to contactless transit card payments in offline mode
  • Providing enhancements to Central Payments Fraud Information Registry (CPFIR)
  • Enabling geo-tagging of digital payment infrastructure and transactions
  • Revisit guidelines for prepaid payment instrument (PPI)  including closed system PPIs
  • One nation one grid clearing and settlement perspective
  • Linking of credit cards and credit components of banking products to UPI
  • Create payment system for processing online merchant payments using internet / mobile banking
  • Comprehensive review of legislative aspects of payment and settlement systems act provisions and regulations
  • Global otureach of RTGS, NEFT, UPI and RUPAY cards

Expected outcomes

  • Volume of cheque-based payments to be less than 0.25% of the total retail payments; 
  • More than 3x increase in number of digital payment transactions;
  • UPI to register average annualised growth of 50% and IMPS / NEFT at 20%; 
  • Increase in debit card transactions at PoS by 20%;
  • Debit card usage to surpass credit cards in terms of value; 
  • Card acceptance infrastructure to increase to 250 lakh;
  • Increase of registered customer base for mobile based transactions by 50% CAGR; and
  • Reduction in Cash in Circulation (CIC) as a percentage of GDP.


  • The Reserve Bank of India’s Payments Vision 2025 document will aid in driving digitisation at the last mile and it shows the regulator’s intent and the road map to enhance the outreach for digital payments.

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