Interoperable payment system for internet banking in 2024
It’ll facilitate quicker settlement of funds for merchants: RBI Guv
image for illustrative purpose
As a regulator, we are committed to playing our part in India’s journey in digital payments. The share of UPI in digital payments reached close to 80% in 2023 - Shaktikanta Das
Mumbai: Reserve Bank Governor Shaktikanta Das on Monday said the launch of interoperable payment system for internet banking is likely in 2024 which will facilitate quicker settlement of funds for merchants.
Internet banking is one of the oldest modes for online merchant payment transactions and is a preferred channel for payments like income tax, insurance premium, mutual fund payments, and e-commerce, among others.
Currently, such transactions processed through Payment Aggregators (PAs) are not interoperable, meaning, a bank is required to separately integrate with each PA of different online merchants.
