The Reserve Bank of India (RBI) on Friday released its ambitious Payments Vision 2028 document, outlining a roadmap to modernise India’s rapidly evolving digital payments ecosystem. The plan includes proposals such as introducing electronic cheques (e-cheques), expanding regulatory oversight to digital payment facilitators like e-commerce platforms, and improving access to payment data.
E-Cheques and Safer Payment Systems
One of the key highlights of the vision document is the proposed introduction of electronic cheques. The RBI said it aims to combine the reliability of traditional cheque systems with the speed and efficiency of digital payments.
The central bank also plans to upgrade cheque security features to prevent fraud, while exploring innovative formats that can cater to new business use cases.
Additionally, customers may soon get the ability to enable or disable transactions across digital payment modes — similar to controls currently available for debit and credit cards.
Shared Responsibility in Fraud Cases
In a significant move to strengthen consumer protection, the RBI is considering a “shared responsibility framework.” Under this, both the issuing bank (customer’s bank) and the beneficiary bank would jointly bear liability in cases of unauthorised digital transactions.
This approach aims to ensure quicker resolution and better accountability across the payments chain.
Wider Regulatory Net for Digital Ecosystem
The RBI has also proposed expanding its regulatory ambit to include entities that play a growing role in digital payments, such as e-commerce marketplaces and centralised platforms.
These platforms, while not traditional financial institutions, increasingly influence payment flows and could impact the stability of the ecosystem. The central bank said it will examine their role in detail and may bring them under direct regulation if required.
For non-bank Payment System Operators (PSOs), a Cyber Key Risk Indicators (KRI) framework is being planned to enable more robust, data-driven supervision of IT and cybersecurity risks.
Focus on Innovation and Interoperability
The Payments Vision 2028 document outlines several initiatives aimed at improving efficiency and user experience:
- Introduction of a Payments Switching Service to allow seamless migration of customers between banks
- Development of interoperability frameworks for TReDS (Trade Receivables e-Discounting System) to boost financing for businesses
- Expansion of white-label solutions in Aadhaar Enabled Payment System (AePS) to widen access
The RBI is also looking to introduce a Domestic Legal Entity Identifier (DLEI) system to improve transparency by uniquely identifying parties involved in transactions.
Cross-Border Payments and Data Access
With global transactions on the rise, the central bank plans to enhance cross-border payment systems by improving efficiency and simplifying authorisation processes. This is expected to support ease of doing business and align India with global standards.
Another major focus area is payment data access. The RBI intends to create a single-point access system for cross-border payment data, helping policymakers and stakeholders track trends and risks more effectively.
Reimagining Card Payments
The document also proposes a revamp of the card payments ecosystem, with emphasis on:
- Greater choice for consumers and merchants
- Advanced tokenisation for enhanced security
- Transparent pricing mechanisms
A Forward-Looking Payments Ecosystem
The Payments Vision 2028 reflects the RBI’s broader goal of building a secure, inclusive, and innovation-driven payments landscape. As digital transactions continue to surge in India, the proposed measures aim to balance growth with strong regulatory oversight and consumer protection.