Why in News?

The Reserve Bank of India (RBI) presented before the nation “Payments Vision 2025” with an objective to provide users with safe, secure, fast, convenient, accessible and affordable e-payment options.

What is Payment Vision 2025?


Payments Vision 2025 has been prepared with the guidance from the Board for Regulation and Supervision of Payment and Settlement Systems of the RBI.

It is built on the base of Payments Vision 2019-21.

Payments Vision 2025 document is presented across the five anchors of Integrity, Inclusion, Innovation, Institutionalisation and Internationalisation.

Theme: E-Payments for Everyone, Everywhere, Everytime (4Es).


  • To upgrade the payment systems towards empowering users with affordable payment options which are accessible anytime and anywhere with convenience.
  • Enabling geotagging of digital payment infrastructure and transactions and revisiting guidelines for Prepaid Payment Instruments (PPIs).
  • Regulating intermediaries in payments ecosystems and linking credit cards and credit components to UPI.
  • To bring in enhancements to Cheque Truncation System (CTS), including One Nation One Grid clearing and settlement perspective, and creating a system for processing online merchant payments through internet and mobile banking.
  • Proper regulation of BigTechs and FinTechs in the payment ecosystem.
  • Introducing appropriate guidelines on payments involving Book Now Pay Later option(BNPL).

Goals to Achieve:

  • Bringing down the volume of cheque-based payments to less than 0.25% of the total retail payments.
  • Tripling the number of digital transactions.
  • To register average annualised growth of 50% for UPI and 20% for IMPS / NEFT.
  • Increase of payment transaction turnover with respect to GDP to 8.
  • Increasing the debit card transactions through PoS (Point of Sale) by 20%.
  • In value terms, Debit card usage should surpass credit card usage.
  • Increase in transactions through prepaid payment instruments by 150%.
  • Betterment of card acceptance infrastructure.
  • Increase of registered customer base for mobile device based transactions.
  • Reduction in Cash in Circulation (CIC) in terms of GDP.

What is the Significance of the Move?

Shaping India’s Payment Ecosystem:

The Payments Vision 2025 will be significant in shaping India's payment ecosystem, through a more safer, secured, and seamless payment infrastructure.

Yardstick for All Payment Players:

The document will act as a guide for all payment players, FinTech's and other stakeholders, encouraging them to enhance their capabilities in alignment with RBI’s objectives..

Global Reach:

Through payment systems like UPI, Reserve Bank of India has democratised payments within India. With the Vision 2025, safe, secure, fast and convenient payments will be available for ‘Everyone, Everywhere, Every time’, thus ensuring a global reach to Indian payment systems.

Achievements of Payments Vision 2019-21?

The Payments Vision 2021 worked on empowering every Indian with access to a wide variety of e-payment options and had set four goals of Competition, Cost, Convenience and Confidence. The goals have been accomplished through the following initiatives:


Creating regulatory sandbox,, facilitation of small value digital payments in offline mode, ‘one tap’ authorisation for payment systems, internationalisation of domestic payment systems, feature phone-based payment services, etc.


Waiving various charges which are levied by RBI for transactions processed in the Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems etc.


Availability of NEFT, RTGS and National Automated Clearing House (NACH) on 24x7x365 basis,with a proper Turn-Around-Time (TAT) for resolution and compensation in respect of failed transactions etc.


Framework for regulating Payment Aggregators (PAs), e-mandates for recurring transactions, tokenisation of card transactionsetc.