Industry Odisha Bureau, Sep 20: Deloitte says India’s cross-border payments should focus on customer groups, not just corridors. Its report links customer-focused design to shared digital infrastructure and closer regulatory integration.
India cross-border payments may need a new design logic, Deloitte says. The report says corridor-led expansion alone may no longer define the next phase. It says India has built many foundations of a competitive cross-border payment ecosystem. The report calls this a shift from corridors to customer-centric design.
Customer Needs Move To Centre Stage
Bilateral corridors connect markets. Customer-centric payments ask who is using the network. Deloitte names exporters, MSMEs, gig workers, multinational corporations, travellers and remittance users. Each group faces distinct payment, compliance and documentation challenges, it says.
That does not make corridors obsolete. Connectivity remains necessary, but it may not address every user requirement. Exporters may prioritise payment certainty and regulatory integration. Gig workers and digital earners may need easier international participation. Travellers and remittance users may value transparency and predictability.
Interoperability Extends Beyond Payments
International payments involve more than moving funds. Compliance and regulatory processes can accompany cross-border transactions. Deloitte proposes interoperability across the full transaction lifecycle. That would link payment systems with customs, GST, DGFT, EDPMS and IDPMS.
Standardised APIs and reusable digital data would connect these systems. The aim is lower duplicate reporting. These remain recommendations, not universal features.
Shared DPI Could Build Common Infrastructure
Deloitte also wants broader API-based access to digital public infrastructure. Reusable digital identity and KYC frameworks would sit within that architecture. Participants would then share common components. The report adds that oversight should stay proportionate and risk-based.
Governance still matters, however. The report describes a proposed architecture, not existing infrastructure.
Transparency Becomes A Design Priority
Payment speed alone does not shape customer experience. Deloitte points to standardised fee and foreign exchange margin disclosures. It also proposes end-to-end tracking and better settlement predictability. Clearer information could help users understand what each transaction delivers.
Faster Payments Bring Regulatory Questions
Always-on networks raise questions beyond speed and cost. Deloitte flags fraud liability across jurisdictions. It also cites cross-border data sharing and localisation requirements. Governance of tokenised settlement networks is another issue. So is real-time beneficiary credit that preserves settlement certainty.
Export Ambitions Raise The Stakes
The report cites a USD 1 trillion export economy this year. It also refers to scaling towards USD 2 trillion over five years. It projects a digital economy near 20% of GDP by 2030. These are Deloitte’s figures, not guaranteed outcomes.
Export growth depends on many factors beyond payment infrastructure. The report wants exporters paid faster and digital earners facing less friction. Remittance users should receive more value, it adds.
What Comes Next
Deloitte’s framework is a proposed direction. It is not presented as adopted government policy. Future policy and infrastructure decisions will determine what follows. Customer outcomes, interoperability and transparency are the report’s central themes.
