Inter-operable payment system likely in 2024
CHENNAI: Governor Shaktikanta Das said on Monday said the RBI expects to launch interoperability of digital payment systems for internet banking in 2024 to enable faster fund settlements for merchants.
Das said the approval for implementing inter-operable system has been given to NPCI Bharat Bill Pay Limited (NBBL) and it is expected to launched and operational in current calendar year.
He said internet banking is the preferred channel for payments like income tax, insurance premium, mutual fund payments, e-commerce etc. “A bank is required to separately integrate with each PA of online merchants. If a customer wants to make payment from his bank account to a merchant, the merchant’s PA and customer’s bank must have an arrangement. Given multiple number of payment aggregators, it is difficult for each bank to integrate with each PA.”