RBI proposes New Payment System for Emergency Transactions

The Reserve Bank of India (RBI) is considering the implementation of a new lightweight payment system to facilitate bulk payments and interbank transactions, particularly in challenging circumstances.

The primary objective behind this initiative is to ensure uninterrupted emergency payments.

The proposed payment system will serve as an alternative option, especially during instances when existing payment systems such as UPI, IMPS, and NEFT are not functioning.

It will provide a reliable means of making payments during emergencies.

In its annual report for the fiscal year 2022-23, the RBI emphasized the importance of being prepared for adverse situations when it comes to payments.

As a result, the concept of a lightweight and portable payment system has been introduced.

This innovative payment system will differ significantly from the current methods, allowing for operation from any location with minimal staff.

Unlike the existing systems, the new system will be adaptable to various conditions and can be easily operated through both software and hardware.

Easebuzz Chief Technical Officer, Amit Kumar, stated that this portable system will instill confidence in users, ensuring the reliability of financial payment infrastructure, even in extreme circumstances.

Experts’ Perspectives

According to Amit Kumar, this new payment system will offer seamless operation under any circumstances.

It can be managed effortlessly through software and hardware, providing users with a secure and hassle-free payment experience.

Media reports that this systematic and expedited vision for transactions will be beneficial to users, enhancing the overall transaction process.

Ashwin Chawla, Founder and Managing Director of Escrope, also praised the lightweight payment system, highlighting its user-friendly nature and rapid transaction capabilities.

With this system, users can enjoy a seamless and stress-free payment experience, along with faster transaction services.

The introduction of this lightweight payment system by the Reserve Bank of India is expected to revolutionize the payment landscape, offering greater convenience and reliability for users, even in critical situations.

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