At the Global Fintech Fest 2026, the RBI Deputy Governor called on India’s banks, payment operators, fintechs, and technology providers to start transitioning payment systems toward quantum-resistant cryptography, emphasizing that the shift is critical for long-term data security but gave no specific timelines or regulatory mandates.
- RBI Deputy Governor calls for coordinated quantum-proofing in India’s payment ecosystem.
- No specific standards, deadlines, or compliance guidelines yet announced.
- Emphasis on long-term security due to “harvest now, decrypt later” risk.
What happened
During the Global Fintech Fest 2026 in Mumbai, RBI Deputy Governor Shirish Chandra Murmu urged payment system participants—including banks, fintechs, and technology providers—to initiate efforts in making India’s payment infrastructure quantum-secure. He stressed that quantum resilience requires a collective approach across the entire payment ecosystem rather than isolated institutional actions.
Murmu highlighted that although quantum computing is not an immediate threat, the long technology cycles and deeply embedded cryptographic dependencies of payment systems mean the sector must begin preparing now. He notably did not specify any timeline, regulatory standards, or enforcement mechanisms for this transition, instead framing it as a strategic call to action.
Why it matters
India’s payment landscape is among the largest globally, with the Unified Payments Interface (UPI) handling over 24,000 crore transactions worth approximately Rs 314 lakh crore in FY 2025-26, comprising about 85% of India’s digital payments volume. This scale and the long-term sensitivity of financial data amplify the risks posed by quantum computing — particularly the ‘harvest now, decrypt later’ scenario, where encrypted information intercepted today could be decrypted in the future once quantum computers become operational.
The RBI’s shift signals a move from theoretical study toward industry action to safeguard future data integrity and cyber resilience. The call to quantum-proof payments systems is part of a broader cyber risk strategy, aligning with international research and initiatives such as the Bank for International Settlements’ Project LEAP, which explores the adoption of post-quantum cryptography in financial transactions.
What to watch next
Key developments to monitor include when the RBI will establish concrete standards or timelines for quantum-proofing in payment systems, and whether the expert committee on a quantum-secure financial ecosystem will publish actionable recommendations. The distinction between guidance and enforceable regulation will be critical for payment operators incurring the cost and effort of cryptographic migration.
Additionally, the RBI’s ongoing efforts such as the Digital Payments Intelligence Platform and advanced fraud detection technologies like MuleHunter.AI demonstrate a broader push to enhance digital payment security. Industry stakeholders will also be attentive to updates on RBI’s model risk management framework and responses to recent consultation papers on digital payment safeguards.