Interoperable system will be launched soon to make Internet banking easier, RBI Governor informed
Reserve Bank of India (RBI) Governor Shaktikanta Das stated that the organisation is making significant efforts to simplify online banking for consumers. According to Governor Shaktikanta Das, the interoperable system will go live in 2024. This system will facilitate the ease of use of online banking. At the moment, payment aggregators are used for online banking transactions.
Governor of the Reserve Bank of India (RBI), Shaktikanta Das, announced that an interoperable system will be introduced in 2024 to facilitate banking services.
It was decided to start this system for online banking. Payment aggregators are currently used for online banking transactions.
During Digital Payment Awareness Week, Shaktikanta Das announced the launch of the Interoperable System 2024. Das stated in the address that a bank must independently integrate with every payment processor used by various online retailers.
Many times a bank customer needs a special PA. If PA does not work properly then the merchant faces difficulty in making payments.
Every bank finds it challenging to integrate with every PA. In this case, transaction rules ought to be established to ensure the success of digital payments. The payments made to merchants are made easier as a result.
According to the governor, we plan to introduce this interoperable payment system for online banking within the current year. For merchants, the new system streamlines payment settlement. According to an official, the new system will offer stakeholders potential cost savings as well as increased efficiency and convenience.
One of the earliest ways for online merchants to make payments is through Internet banking, according to Das, who also mentioned that the RBI's payments vision for 2025 included a feature for interoperability.
According to Das, it is a "favourite channel". Through this, payments like income tax, insurance premiums, mutual fund payments, e-commerce etc. are made. An official said that even after the huge success of UPI launched in 2016, the share of internet banking in total transactions is more than 10 per cent.
UPI has made its mark across the world. UPI's share in digital payments will reach close to 80 per cent in 2023. In the year 2017, more than Rs 43 crore payments were made through UPI. At the same time, in the year 2023, this figure will cross Rs 11,761 crore. Approximately 42 crore payments are made through UPI in a day.
Trust in digital payments is transparency. It is easy to use and is also a secure payment mode.
