RBI to highlight digital payments infrastructure at G20 summit

By Consultants Review Team Wednesday, 06 September 2023

theThe Reserve Bank of India (RBI) will highlight its digital payments infrastructure at the forthcoming G20 summit, with central bank digital currency (CBDC) and public tech platforms being the main focus areas. According to RBI sources, the RBI exhibition pavilion at the G20 summit will put up five major items for display, including the Public Tech Platform (PTP) for frictionless credit.

An experience center would be available for the delegates where one can experience an interactive demonstration of the entire process, i.e., from onboarding to sanction and disbursement of the Kisan Credit Cards (KCCs) and dairy loans in an entirely digital manner in a few minutes, revolutionizing rural credit, sources said. It will be showcasing an informational video on the RBI’s digital rupee and its journey. The live digital rupee transactions will be demonstrated by select banks that are participating in the pilot, said sources.

Apart from this, digital payments initiatives will also be showcased, highlighting UPI One World - where visitors will be onboarded to UPI without having a bank account in India and they will benefit in the process of having a first-hand experience of breezing payments through UPI. Also, the RuPay On-The-Go segment of the pavilion would allow customers to carry out contactless payment transactions through accessories they wear (watch, ring) or use (key chain) every day and highlight the adaptability of the domestic card scheme-associated products at par with such global products. Finally the Bharat Bill Payment System ((BBPS), it will highlight the adaptability of the BBPS platform to integrate with FinTechs and conventional financial players to facilitate domestic as well as cross-border payment transactions, RBI sources said.

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