RBI Payments System Report 2025: Cross-Border Payment Insights
Why in the news
RBI’s Payments System Report 2025 reviews domestic and cross-border payments, with gains from technology and risks from geopolitics, legacy systems and fragmented standards.
Key facts
- UPI-PayNow (Singapore) link made operational in 2023.
- UPI QR accepted in Bhutan, France, Mauritius, Nepal, Singapore, UAE and Qatar.
- Project Nexus: Malaysia, Philippines, Singapore, Thailand and India aim at instant retail cross-border payments.
| Risk | Detail |
|---|---|
| Geopolitics | Sanctions or curbs can disrupt access through centralised infrastructure and major settlement currencies |
| Operations | Many intermediaries, fragmented data standards and legacy platforms raise costs, hurting individuals and SMEs |
Trends
- Cards face rising competition from UPI and wallets; private banks expand while foreign banks’ credit card share falls.
- Corridor costs are declining; RBI promotes links with foreign Fast Payment Systems.
Exam angle
- PRB replaced BPSS; remittances $137.7 billion (2024).