Payment System

On March 17, 2023 I boarded an IndiGo flight from Mumbai Airport. Entering the aircraft, I saw RBI Governor Shaktikanta Das occupying the first seat busy working. There were some more RBites traveling to Kochi by the same flight. Reading this now I know why they were traveling to Kochi on a Friday. M G Warrier https://m.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1357 Date : Mar 18, 2023 Inaugural Address by Shri Shaktikanta Das, Governor, Reserve Bank of India at the Payment System Operators (PSO) Conference, Kochi, March 18, 2023 Excerpts : Indian economy getting increasingly integrated with the global system, cross-border payments have assumed greater significance. Our home-grown payment products, UPI and RuPay network, are enhancing their global footprint. Launch of UPI linkage with Singapore’s PayNow is a major step forward. In future, such linkages with other countries will make cross-border payments simple, affordable and real-time. QR code-based merchant payments through UPI apps are already enabled in Bhutan, Singapore and UAE. All these would also help project India’s soft power at the global level. Conclusion 19. To conclude, I would like to say that a lot has been achieved but a lot more can and should be done in the days ahead. Payments and settlements are serious businesses with potential downsides, should anything go wrong. Our effort should be to mitigate such downsides and capitalise on the upsides. This is something all market participants must recognise and constantly remind themselves. Every failed transaction, every fraud attempted or actually carried out, every complaint that is not satisfactorily addressed should be a cause of concern and must invite a detailed root cause analysis. It would do well to remember that like the batsman on the cricket field, you are only as good as the last ball faced. ***. *** Conclusion To conclude, I would like to say that a lot has been achieved but a lot more can and should be done in the days ahead. Payments and settlements are serious businesses with potential downsides, should anything go wrong. Our effort should be to mitigate such downsides and capitalise on the upsides. This is something all market participants must recognise and constantly remind themselves. Every failed transaction, every fraud attempted or actually carried out, every complaint that is not satisfactorily addressed should be a cause of concern and must invite a detailed root cause analysis. It would do well to remember that like the batsman on the cricket field, you are only as good as the last ball faced. We must together make sure that no one in the country is left behind in the digital payments journey. Under Reserve Bank’s Payments Vision 2025, we stand committed to the core theme of ‘E-Payments for Everyone, Everywhere, Everytime’ (4Es). We must seize every opportunity to internationalise our payment products. This will open up a new world of opportunities for our country. This is the year of Indian Presidency of the G20. Let us present the India story to the global audience. Let us work together; let us innovate together. This PSO Conference will provide ample opportunities to deliberate on all these issues. With your active participation, I am sure we will achieve more and stride forward with greater conviction and responsibility. "

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