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Searched Tag: interoperable payment system
 The Reserve Bank of India (RBI) is gearing up to launch an interoperable payment system for internet banking transactions later this year.

RBI Set to introduce Interoperable payment system for internet banking in 2024

March 5, 2024, 10:19 AM - 2 min read

Currently, internet banking transactions, such as income tax payments, insurance premiums, and e-commerce transactions, processed through Payment Aggregators lack interoperability, resulting in delays and settlement risks for merchants. The introduction of this new system is expected to address these challenges and enhance user confidence in digital payments.

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