The Reserve Bank of India (RBI) has recognized the vulnerability of existing payment systems that can disrupted in the middle of the transaction.
In response to the issue, the RBI has conceptualized a lightweight and portable payment system designed to be resilient in any circumstances.
“The conventional payment systems heavily rely on complex wired networks and advanced IT infrastructure to handle large transaction volumes while maintaining sustained availability. However, natural calamities or war can temporarily render these systems unavailable due to disruptions in communication and information infrastructure,” RBI said.
