RBI, on 27 March 2026, released ‘Payments Vision 2028’ with the aim to consolidate and strengthen India’s digital payments ecosystem with cross-border reforms, user empowerment initiatives, safeguards against fraud and TReDS (Trade Receivables Discounting System) interoperability. With the theme of “Shaping India’s Payment Frontier”, the vision document charts the roadmap to December 2028.
1. RBI has introduced 15 targeted initiatives.
2. Switch on/off facility for all digital payment modes to be made available.
3. Payment switching services for seamless transfer of payment instructions.
4. Shared responsibility framework between banks for fraud prevention.
5. Electronic Cheques are to be introduced.
6. Interoperability across TReDS platforms is proposed.
1. Switch on/off facility: Currently available only for card transactions, it is now proposed to be made available for all digital payment modes. Users will be able to control transaction permission across platforms for both domestic and international payments.
2. Payment Switching Services (PaSS): With the proposed introduction of PaSS, users will be seamlessly able to initiate the transfer of either all or a part of their payment instructions when switching banks or during a merger through this centralised mechanism.
3. Shared responsibility framework: To prevent frauds and enhance accountability for unauthorised digital transactions RBI is exploring introducing shared liability for both issuing banks and beneficiary banks.
4. Electronic Cheques: Digital cheques are to be introduced to enhance security and digital efficiency.
5. TReDS Interoperability: Integration across TReDS platforms to support MSMEs’ financing.
6. Uniform Domestic Legal Entity Identifier (DLEI): RBI has proposed to introduce DLEI for non-individual entities to improve risk management and transaction traceability.
7. Cross-Border Reforms: RBI to explore a single-window authorisation process under the PSS (Payment and Settlement Systems) Act, 2007, and FEMA (Foreign Exchange Management Act), 1999. This will ease international payments by streamlining authorisation and reducing friction.
India processes nearly 50% of global real-time digital payments. With a good digital foundation, India aims to pioneer the future of all digital payments. The ‘Payment Vision 2028’ focuses on deepening customer trust by ensuring a secure, interoperable and resilient digital ecosystem. With the current digital payment ecosystem in India, the vision board plans to strengthen and consolidate all the existing systems to empower users by providing robust safeguards against fraud.
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