Central bank unveils Payments Vision 2025: RBI bats for CBDC, regulation of fintechs, BNPL

The Reserve Bank of India (RBI) has unveiled the Payments Vision 2025 document which proposes a host of innovative payment systems and regulation of BigTechs, fintechs, buy-now-pay-later (BNPL) systems, and introduction of a central bank digital currency (CBDC), among others.

“The Payments Vision 2025 promises to further elevate our payment systems towards a realm of empowering users with affordable payment options accessible anytime and anywhere with convenience,” it said.

The RBI document has proposed enabling of geotagging of digital payment infrastructure and transactions and revisiting guidelines for prepaid payment instruments (PPIs), including closed system PPIs.