The Reserve Bank of India (RBI) is looking to simplify cross-border payment approvals and reduce regulatory friction for businesses and exporters as part of its Payments Vision 2028, according to an EY report, which identified cross-border payments as a key strategic priority for the next phase of India's digital payments growth.

In its report, Payments Vision 2028: Preparing to Shape India's Payment Frontier, EY said the RBI is moving beyond the earlier focus on expanding digital payment adoption and is now seeking to improve the efficiency of cross-border transactions and strengthen India's position in global payments.

"Cross-border payments appear as a strategic priority, with proposed simplification of authorizations -- potentially through a single-window approach -- along with a comprehensive ecosystem review," the report said.

According to the report, the RBI plans a detailed review of the cross-border payments ecosystem to remove regulatory and operational bottlenecks, particularly for businesses engaged in international trade. "The approach for 2028 is highly structured and efficiency-driven. The RBI plans a comprehensive review of the cross-border ecosystem to remove regulatory and operational frictions, specifically to aid MSME exporters," EY said.

The report noted that one of the key proposals under the Payments Vision 2028 framework is to examine the introduction of a "single-window application process" for cross-border payment authorisations under both the Payment and Settlement Systems (PSS) Act and the Foreign Exchange Management Act (FEMA).

"Crucially, to promote the ease of doing business, the RBI is looking to examine introducing a 'single-window application process' for cross-border payment authorization under both the PSS Act and FEMA," the report added.

EY said the focus on cross-border payments marks an evolution from the previous payments vision, which concentrated largely on the international expansion of domestic payment systems such as UPI and RuPay.

"The focus in the last round was on the initial global outreach of domestic systems like UPI, RuPay and NEFT/RTGS," the report said. The report added that the latest vision seeks to improve transparency and outcomes for exporters, businesses and MSMEs by simplifying approvals and creating a more efficient payments ecosystem.

Beyond cross-border payments, EY said the RBI's Payments Vision 2028 also emphasizes stronger user protection, fraud management, interoperability and data-driven oversight. The report noted that the central bank is increasingly looking at artificial intelligence and data analytics to improve risk monitoring, fraud detection and policymaking.

"A key focus is the shift toward AI-led and data-driven oversight, including AI-queriable payments databases, to improve risk monitoring, fraud detection and policymaking," it said. Summing up the broader direction of policy, EY said the new vision aims to position India as a global leader not only in payment volumes but also in payment system design and innovation.

"Payments Vision 2028 seeks to address these gaps and reposition India from a leader in payment volumes to a leader in payment system design, standards and global payment innovation," the report said.

Published on June 13, 2026