Rbi Governor launches three key digital payment initiatives at Global Fintech Fest 2022
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These initiatives have the potential to revolutionize the digital payments ecosystem and expand the reach of digital payments to many new users across India and abroad, helping the journey to onboard the next 300 million digital payments users.
Governor Das said that with the linking of RuPay credit cards on UPI, customers will benefit from the increased ability to use their credit cards and merchants will benefit from the increase in spending by being part of the credit ecosystem with credit card acceptance using assets as QR codes.
RuPay credit cards will be linked to a virtual payment address (VPA) i.e. UPI ID, thereby directly enabling safe and secure payment transactions. Customers of Punjab National Bank, Union Bank of India and Indian Bank will be the first to be able to use RuPay credit cards on UPI with the BHIM app.
UPI Lite will provide users with a solution for faster, low-value transactions. With UPI Lite enabled on the BHIM app, users will be able to make small value transactions in a near-offline mode. It will reportedly reduce the debit load on the core banking system, thereby further improving the success rate of transactions and improving the user experience.
Furthermore, the Governor also launched Bharat BillPay Cross-Border Bill Payments which will make bill payments easier for people living outside India but also maintaining a house in India. The facility will enable NRIs to pay utility, water and telephone related bills on behalf of their families in India. Federal Bank with UAE’s Lulu Exchange will be the first to go live with Bharat BillPay Cross-Border Bill Payments.
According to a statement by NPCI, these initiatives together have the potential to revolutionize the digital payments ecosystem and expand the reach of digital payments to many new users across India and abroad, helping the journey to onboard the next 300 million digital payments users .
