Page 36 - BANKING FINANCE APRIL 2024

ARTICLE

Why RBI Payment vision 2025: 6. Streamlining of Quick Response (QR) code infrastructure

It is very well accepted that the new mechanism of payment 7. Introduction of JAM trinity and UPI based payment
and settlement system of NEFT/RTGS/UPI/IMPS etc. are 8. Construction of RBI Digital Payments Index (DPI)
very much safe secure and efficient channels for the
9. Availability of NEFT RTGS NATCH on 24*7*365 basis.
settlement of payments. To make the Indian payment
system more relevant and updated with the passage of time
After experiencing the very encouraging outcome of the
it is very much important to look after the scope of
payment vision 2019-21 the RBI has proposed RBI Payment
innovation and development in the existing payment and
vision 2025 with a core theme "4Es E-Payment for everyone,
settlement system. Therefore there is need to foresee the
Everywhere, Everytime". The Vision of RBI Payment Vision
futuristic model of payment and settlement system to shift
2025 is " Provide every user with Safe, Secure, Fast,
the thrust of existing model from domestic to global
Convenient, Accessible, and Affordable e-payment options
payment and settlement model.
(6 Attributes)".
What is "RBI Payment Vision 2025" The major objective of the Vision 2025 document is to
Document: provide seamless digital payment experience to its user
keeping in mind of further developments in payment
In order to modernize the then existing payment and
technology and further after collaboration with major global
settlement the RBI issued a RBI Payment Vision document
2019-21 in 2019. There was a significant outcome was noted payment and settlement stakeholders to register a global
presence of Indian Payment and Settlement system. It will
of the vision document 2019-21. Some of the historic results
also focus the current geopolitical developments across the
are listed below.
globe and also address the risk if any arise due to such
1. establishment of Reserve Bank Innovation Hub;
changes.
2. framework for security of card transactions like switch
on / off facility
Pillars of Payment Vision 2025:
3. guidelines on limiting customer liability in case of
The RBI Payment Vision 2025 is aiming the 5 I's as the
unauthorised transactions using Prepaid Payment goalpost of the document. These are
Instruments (PPIs)
A. Intregrity
4. enabling Payments Vision 2025 | RBI 3 | Page Online
B. Inclusion
Dispute Resolution (ODR) for digital payments
C. Innovation
5. Review of scope and coverage of system audit of
Payment System Operators (PSOs) D. Institutionalization
E. Internationalization

A. INTEGRITY :
Now-a-days the incidents of stealing confidential data of the
customers are very common. Despite having two factor
authorizations model still customers are facing fraud
attempts. Considering the challenges now alternate risk
based authentication mechanism will be explored that may
include biometric authentication, location of payment, in-
app notification, digital tokens etc.

For faster tracking of payments legal entity identifier and
unique identification number of parties involved in the
transaction will be explored. To facilitate efficient liquidity

32 | 2024 | APRIL | BANKING FINANCE