The Reserve Bank of India (RBI) has announced plans to launch an interoperable payment system for internet banking, aimed at enhancing the digital payment infrastructure in the country. The move is part of RBI’s efforts to promote a more efficient, secure, and inclusive payment ecosystem.

The new payment system will allow customers to make online payments seamlessly across various internet banking platforms, regardless of the bank they are registered with. This will eliminate the need for customers to maintain multiple digital payment accounts and will simplify the online payment process.

In addition to improving convenience for customers, the interoperable payment system is expected to enhance competition among banks and fintech providers, ultimately resulting in better services and lower transaction costs for consumers.

RBI Governor Shaktikanta Das has emphasized the importance of embracing technology and innovation in the financial sector to drive economic growth and financial inclusion. The launch of the interoperable payment system is seen as a step in the right direction towards achieving these goals.

Overall, the introduction of the interoperable payment system for internet banking is expected to contribute to the growth and development of the digital payment ecosystem in India, making online transactions more convenient, efficient, and secure for all stakeholders involved.