The Reserve Bank of India has unveiled Payments Vision 2028 with the theme “Shaping India’s Payment Frontier”, outlining a roadmap up to December 2028 to strengthen India’s digital payments ecosystem.
The vision focuses on user empowerment, fraud prevention, cross-border efficiency, innovation, and ease of doing business, while consolidating India’s position as a global leader in digital payments.
Key Objectives & Focus Areas
- Strengthen digital payment infrastructure through ~15 initiatives
- Enhance user empowerment & transaction control
- Improve fraud detection and cyber security
- Boost cross-border payment efficiency
- Support MSMEs and financial inclusion
- Promote innovation and competition in payment systems
- Build resilient, secure, and globally competitive ecosystem
Major Initiatives Under Payments Vision 2028
Switch On/Off Facility Expansion
- Extend facility beyond cards to:
- UPI
- Wallets
- Other digital platforms
- Allows users to:
- Enable/disable transactions
- Control usage channels
- Impact: Reduces cyber fraud and unauthorised transactions
Payments Switching Service (PaSS)
- Centralised system for migration of payment instructions
- Enables smooth switching between bank accounts
Features:
- Central dashboard for recurring payments
- Transfer of: Incoming payments and Outgoing mandates
Use Case:
- Bank mergers
- Account changes
Shared Responsibility Framework
- Fraud liability to be shared between:
- Issuing bank
- Beneficiary bank
Objective:
- Improve coordination
- Strengthen fraud detection
- Reduce burden on customers
Strengthening MSME Ecosystem (TReDS)
- Interoperability framework for Trade Receivables Discounting System (TReDS)
- New features:
- Factoring with recourse
- Support for export receivables
Impact:
- Better working capital access
- Improved liquidity for MSMEs
Introduction of Electronic Cheques (e-Cheques)
- Combines:
- Reliability of paper cheques
- Speed of digital payments
Features:
- Standardised formats
- Integration with digital systems
Cross-Border Payments Reform
Review of framework under:
- Payment and Settlement Systems Act 2007
- Foreign Exchange Management Act 1999
Focus:
- Faster transactions
- Simplified authorisation
- Dedicated reporting mechanisms
Cyber Security & Risk Monitoring
- Introduction of: Cyber Key Risk Indicators (KRI) for non-bank PSOs
- Aim: Enhance cyber resilience and system integrity
Regulatory & Institutional Reforms
- Bring critical digital payment entities under regulatory oversight
- Explore Small Payment System Providers under perpetual sandbox
- Promote research & training in digital payments
Domestic Legal Entity Identifier (DLEI)
- Proposal for uniform identifier for non-individuals
- Helps:
- Track transactions
- Manage financial risks
- May replace multiple existing identifiers
Innovation in Card Ecosystem
- Develop open & interoperable card network
- Promote:
- Competition
- Tokenisation
- Transparent pricing
- Empower both cardholders and merchants
Key Features at a Glance
| Feature | Description |
| Theme | Shaping India’s Payment Frontier |
| Timeline | Up to December 2028 |
| Focus | Security, inclusion, innovation |
| Initiatives | ~15 targeted reforms |
| Core Areas | Fraud prevention, MSME support, cross-border efficiency |
| New Systems | PaSS, e-cheques, DLEI |
Evolution of RBI Payment Vision (Phases)
Summary of Key Phases
| Phase | Period | Key Developments |
| Foundational | 2001–2004 | RTGS launch, ECS expansion |
| Institutional | 2005–2008 | DPSS setup, PSS Act 2007, NPCI formation |
| Expansion | 2009–2012 | NEFT/RTGS growth |
| Inclusion | 2012–2015 | PPIs, BBPS, AEPS |
| Digital Push | 2016–2018 | UPI launch |
| Outcome-Based | 2019–2021 | Measurable targets |
| Globalisation | 2025 | 4Es framework |
| Current Vision | 2028 | Future-ready ecosystem |
Purpose of Payments Vision Documents
- Guide evolution of payment systems in India
- Ensure:
- Efficient settlement infrastructure
- Regulatory oversight
- Digital inclusion
- Innovation enablement
- Help India transition from: Cash-based to Digital economy