Payments Vision 2025: RBI aims to regulate BigTech, FinTechs, BNPL services

The Reserve Bank of India (RBI) on Friday, in a document for payments systems, outlined its vision on the architecture of digital finance.

They include regulations for BigTechs and fintechs in payments; guidelines on payments involving “Buy Now Pay Later” (BNPL) services; introducing the central bank digital currency (CBDC); and linking credit cards and credit components of banking products to the Unified Payments Interface (UPI).

Titled “Payments Vision 2025”, this document aims to provide every user safe and affordable e-payment options. The activities to be taken up by the central bank up to 2025 have been captured across five anchor goal posts of “integrity, inclusion, innovation, institutionalisation and internationalisation”.