A four-fold increase in digital payments, reduction in paper-based transactions, improved pricing, better customer grievance redressal mechanisms and establishment of new payment system operators (PSO) are among the list of twelve objectives the Reserve Bank of India seeks to achieve in the next three years.
Payment and Settlement System in India Vision 2019-21 document published by the central bank on Wednesday has laid out a comprehensive roadmap of initiatives to be undertaken by all stakeholders and governing bodies to ensure the successful completion of these objectives in this time.
The Reserve Bank has identified four broad areas for targeted policy intervention to improve the existing payments system namely competition, cost, convenience and confidence. The central bank noted that cardbased transactions will see a sixfold increase in the next three years propelling the Indian economy to a ‘cash-lite’ one.
It also expects the ‘cash-on-delivery’ method, which currently makes for the most significant transaction method by customers, to reduce in this time.