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.
“While the pursuit towards a ‘less cash’ society continues, accompanied by the ambition to have a less card India as well, the endeavour is to also ensure increased efficiency, uninterrupted availability of safe, secure, accessible and affordable payment systems as also to serve segments of the population which are hitherto untouched by the payment systems,” the Reserve Bank said.
The central bank noted that card-based 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.