RBI to Showcase Digital Payments and CBDC Focus at G20 Summit

The Reserve Bank of India (RBI) is set to showcase its digital payment infrastructure during the upcoming G20 summit, with a particular focus on central bank digital currency (CBDC) and public technology platforms. RBI insiders have revealed that the RBI’s exhibition pavilion at the G20 summit will feature five main exhibits, including the Public Tech Platform (PTP) designed to streamline credit processes. Delegates will have access to an interactive experience centre where they can observe the entire digital process, from customer onboarding to the approval and disbursement of Kisan Credit Cards (KCCs) and dairy loans in just minutes, transforming rural credit practices.

Furthermore, the pavilion will present an informative video detailing the RBI’s digital rupee and its developmental journey. Select banks involved in the pilot program will demonstrate live digital rupee transactions. In addition, the exhibition will spotlight various digital payment initiatives, such as UPI One World, which allows visitors to use UPI for payments even without an Indian bank account, providing them with a firsthand experience of seamless UPI transactions. Another segment, RuPay On-The-Go, will demonstrate how customers can make contactless payments using everyday accessories like watches, rings, or keychains, showcasing the adaptability of domestic card schemes to global standards.

Lastly, the RBI will emphasize the versatility of the Bharat Bill Payment System (BBPS) platform, which can integrate with both FinTech firms and traditional financial institutions to facilitate domestic and cross-border payment transactions, according to sources within the RBI.