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GA Topper Series: Payments Vision 2025

A vision document by the Reserve Bank of India with the theme:  ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es) aims to provide every user with safe, secure, fast, convenient, accessible, and affordable e-payment options.

The vision document was prepared after considering the inputs from various stakeholders and guidance from the Board for Regulation and Supervision of Payment and Settlement Systems.

The five anchor goalposts of Integrity, Inclusion, Innovation, Institutionalisation, and Internationalisation.

They cover 47 specific initiatives and 10 expected outcomes.

The first payment vision document was in 2001.

Payments Vision 2025 builds on the initiatives of Payments Vision 2019-21.

Some facts about Payments Vision 2019-21

  • THEME – Empowering Exceptional (E)Payment Experience
  • Vision2019 -21 aims towards
    • enhancing the experience of Customers
    • empowering payment System Operators and Service Providers
    • enabling the Eco-system and Infrastructure
    • putting in place a Forward-looking Regulation
    • supported by a Risk-focussed Supervision
  • Vision 2019-21 envisages four goal-posts (4 Cs) – Competition, Cost, Convenience and Confidence.

Board for Regulation and Supervision of Payment and Settlement Systems is made under the Payment and settlements system act 2007. It is headed by the RBI governor. 

Refer to the article of Payment and settlements system act 2007 

Write the answers in the comment section of the expected question in exams:

  1. What are the 4Es of vision payment 2025?
  2. How many expected outcomes of vision payment 2025?
  3. How many specific initiatives of vision payment 2025?
  4. How many anchor goal posts of vision payment 2025?
  5. What are the 5 Is of vision payment 2025?
  6. When was the first vision payment document published?
  7. What is the aim of vision payment 2025?

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