Search
Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Reserve Bank of India aims for a fourfold increase in digital transactions by 2021

As step towards a cashless society, the Reserve Bank of India released a vision document to ensure safe, secure, accessible, quick, and affordable e-payment systems as it expects the number of digital transactions to increase more than four times to 8,707 crores by December 2021.

RBI said that the ‘Vision 2021’ for payment and settlement systems in India will enhance the strong foundation it has built over the last two decades. The approach outlined in the Vision will be implemented from 2019 to 2021.

The endeavour will also serve segments of the population that do not use e-payment systems. The decade to follow will witness a revolutionary shift in the way Indian citizens use digital payment options.

The plan consists of a two-pronged approach of exceptional customer experience and enabling an ecosystem that will result in this customer experience. The document said it aims to empower payment system operators and service providers; enable the ecosystem and infrastructure; put in place modern regulations; and be supported by risk-focussed supervision.

RBI said it recognised that cash entails a significant cost to the whole economic system, including consumers. Migration to digital modes of making a payment can obviate some of these costs and can give customers a more enjoyable experience.

Providing users with multiple options is expected to make this experience exceptional, apart from furthering growth measurable in terms of digital payments turnover to GDP.

The payment systems landscape will continue to change with further innovation and the entry of more players is expected to ensure optimal costs to the customers and freer access to multiple payment system options.

Some of the expected outcomes of the vision include:

  1. A decrease in the share of paper-based clearing as a percentage of retail payments, particularly in terms of the number of paper instruments processed. The volume of cheque-based payments will likely be less than 2% of the retail electronic transactions by 2021.
  1. Payment systems like the Unified Payment Interface are likely to register average annualised growth of over 100% and NEFT at 40% over the vision period.
  1. An increase in the use of digital modes of payment for the purchase of goods and services through an increase in debit card transactions at PoS (35% increase during the vision period) and continued growth in PPI transactions.
  1. The usage of debit cards at PoS transactions is expected to be at least 44% of total debit card transactions. In value terms, it is 15% in 2018-19 (5% in 2014-15) and is expected to be 22% by 2021.
  1. An increase in the deployment of card acceptance infrastructure across the country, including at smaller centres with a substantial portion of the infrastructure taking care of processing contactless card payments. The total card acceptance infrastructure will be upscaled to six times present levels by the end of 2021.
  1. Enhanced usage of electronic payment systems is expected to reduce the marginal cost given the additional volume. The pricing of these services to customers should, over the vision period, reduce by at least 100 Bps from current levels.
  1. The Fraud to Sales (FTS) count for payment systems is expected to be less than 10 Bps for most of the payment systems.
  1. Enhanced healthy competition in the payments space and the establishment of new PSOs from 2019 to 2021.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.