service. our answer is simple. if you maintain “ an account ”, then you are a bank and you need a banking licence. when you keep the money of the public in “ account ”, you are a financial entity taking deposits and you must be public trustworthy and so be regulated as a deposit taking financial entity. let me now explain what we intend to do to take the payment systems to the next orbit. the vision - 2018 for payment and settlement systems in india reiterates the commitment of the reserve bank of india to encourage greater use of electronic payments by all sections of society so as to achieve a “ less - cash ” society. the objective is to facilitate provision of a payment system for the future that combines the much - valued attributes of safety, security and universal reach with technological solutions which enable faster processing, enhanced convenience, and the extraction and use of valuable information that accompanies payments. the broad contours of vision - 2018 revolve around the 5 cs : • coverage – by enabling wider access to a variety of electronic payment services • convenience – by enhancing user experience through ease of use and of products and processes • confidence – by promoting integrity of systems, security of operations and customer protection • convergence – by ensuring interoperability across service providers • cost – by making services cost effective for users as well as service providers. vision - 2018 focuses on four strategic initiatives viz., responsive regulation, robust infrastructure, effective supervision and customer centricity. with the formation of prb, the regulatory and supervisory structure will be strengthened. with the unified payments interface ( upi ), the 3 / 4 bis central bankers'speeches national unified ussd platform ( nuup ), the aadhar payment bridge, bharat qr etc we will have robust payment infrastructure. for customer centricity, we will be focusing on ensuring soundness of payment system products and services, cyber security, effective customer grievance redressal arrangements and preventive and punitive enforcement actions for omissions and commissions by the operators. to conclude, the reserve bank remains committed to play a catalytic and facilitating role for enabling innovations in payment systems arena, while performing its responsibilities as a regulator and supervisor of payment systems for ensuring their safety, security and soundness, along with customer protection. thank you. 4 / 4 bis central bankers'speeches

r gandhi : payment systems - next orbit speech by mr r gandhi, deputy governor of the reserve bank of india, at the launch of the bharat qr code, mumbai, 20 february 2017. * * * good morning everybody i am very happy to be launching the bharat qr code. the qr code development for card payments in india has happened at the most appropriate time ; we are on the threshold of a digital payments ‘ moment ’ and ‘ movement ’. this is a momentous occasion for the payments industry in india with the launch of this global first of its kind, low cost, interoperable, mobile based acceptance solution. i would like to congratulate the payment networks for their enthusiastic collaboration to develop this solution. an innovative interoperable solution, the bharat qr, that is easy to scale, and provides a seamless customer experience, and above all is safe and secure, essential to accelerating india ’ s transition to a less – cash society. i am glad that india is setting yet another standard in the payment arena for others to adopt. since cards began to be used in the country in early 1980s, the industry has set up about 1. 5 million point of sale ( pos ) terminals. however, in comparison to the 800 million cards that have been issued as of now, the number of pos terminals in the country has not been really adequate. among other factors, the high capex and opex associated with traditional pos terminals, have been the major deterrents to the expansion of pos infrastructure. gradually, with increasing mobile density in the country, many developments in the payments space have taken place using this channel, including m - pos on the merchant side. now, qr code based systems leverage mobile usage on the consumer side as well. being asset - light, they become easy to deploy. so, it is but natural that the two developments should come together to offer an efficient, secure and convenient experience for card payments. what makes this development more momentous is that the card payment industry in the country has come together, of course at our direction, to make this process interoperable so that the users get the same experience of card payments – that is, interoperability. no doubt, the visibility to qr code and its consequent widespread usage came from nonpayments area first, followed by non - banks in payments area. these are mostly used by users within the same ecosystem and are not