RBI releases 'Vision 2021' for payment systems for 'cash-lite' society; expects digital transaction to increase over four times

RBI releases 'Vision 2021' for payment systems for 'cash-lite' society; expects digital transaction to increase over four times

Mumbai: Aiming at a 'cash-lite' society, the Reserve Bank of India (RBI) on Wednesday released a vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system as it expects the number of digital transactions to increase more than four times to 8,707 crore in December 2021. The 'Payment and Settlement Systems in India: Vision 2019—2021', with its core theme of 'Empowering Exceptional (E)payment Experience', envisages achieving "a highly digital and cash-lite society" through the goal posts of competition, cost-effectiveness, convenience and confidence (4Cs).

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