RBI to extend UPI to feature phone users

The UPI facility will be extended to feature phone users. Right now, the brought together installments interface (UPI) the single biggest retail installments framework in the country as far as volume of transactions for small value payments is available just for smart phones.

“To additionally extend digital payments and make them more comprehensive, ease transactions for consumers, work with more prominent cooperation of retail clients in different sections of financial business sectors and to improve the limit of specialist co-ops, it is proposed to dispatch UPI-based payment products for feature phone users, utilizing on creative products from the RBI’s regulatory sandbox on retail payments,” the RBI said.

The controller has likewise proposed to make the interaction stream for small value transactions easier through an ‘on-gadget’ wallet in UPI applications. It has additionally chosen to upgrade as far as possible for payments through UPI for the Retail Direct Scheme for interest in G-secs and Initial Public Offering (IPO) applications from ₹2 lakh to ₹5 lakh. Ajay Chaurasia, Head of Product, RupeeRedee, a digital lending application, said, “This move will assist RBI with contacting underserved population or potential clients situated in low-network regions by sending cost-saving strategies to provide increased access to digital payment methods.