RBI may launch interoperable payment system for internet banking in 2024

"We expect the launch of this interoperable payment system for internet banking during the current calendar year.", Guv said.

Reserve Bank of India expects to launch interoperability of digital payment systems for internet banking in 2024 to enable faster fund settlements for merchants, RBI Governor Shaktikanta Das said on Monday.

"... we have given approval for implementing such an interoperable system to NPCI Bharat BillPay Ltd (NBBL)," Das said.

"We expect the launch of this interoperable payment system for internet banking during the current calendar year."

Currently, internet banking transactions processed through Payment Aggregators (PAs) are not interoperable, implying that a bank is required to separately integrate with each PA of different online merchants.

Given the multiple number of payment aggregators, it is difficult for each bank to integrate with every PA, Das said.

 

Moreover, due to the absence of a common payment system and a set of rules for these transactions, there are delays in actual receipt of payments by merchants and increased settlement risks, he added.