RBI to Launch Interoperable Payment System for Internet Banking in 2024

Category : Business and economics Published on: March 06 2024

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RBI Governor Shaktikanta Das announced plans for the launch of an interoperable payment system in 2024, aiming to address delays in payment receipt by merchants and settlement risks associated with internet banking transactions.
The RBI has granted approval to NPCI Bharat BillPay Ltd (NBBL) for implementing the interoperable payment system, aligning with the RBI's Payments Vision 2025. This move signifies a concerted effort to enhance payment infrastructure and facilitate quicker settlement of funds for merchants.
Governor Das highlighted the remarkable growth of the Unified Payments Interface (UPI), with its share in digital payments reaching close to 80% in 2023. UPI has become a flagship payment system in India, processing approximately 42 crore transactions daily, underscoring the importance of transparency, ease of use, and security in digital payments.