Sunday, December 4, 2022

RBI Governor Launches Three Digital Payment Initiatives At Global Fintech…

RBI Governor: RBI Governor Shaktikanta Das has launched three new digital payment initiatives to promote digital transactions. At the Global Fintech Fest 2022 held in Mumbai, RBI Governor has launched RuPay Credit Card, UPI Lite and Bharat BillPay cross-border bill payment solutions service on UPI. It is believed that after the start of these services, 30 crore more new people will be able to join this system of digital payment.

Shaktikanta Das said that the RBI is ready to support the innovation of fintech companies in all respects keeping in mind the safety of the customers. He told the fintech companies that you take one step for innovation, we will take two steps forward. He said that for the convenience of the customers, we will welcome the innovation.

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Benefit of UPI Link with Rupay Credit Card!
The UPI link with the RuPay credit card will benefit both the customers and the merchant. Customers will be able to use the credit card through the QR code. The RuPay credit card will be linked to the Virtual Payment Address (VPA) ie UPI ID. In this way direct and secure payment transactions can be done. Firstly, customers of Punjab National Bank, Union Bank of India and Indian Bank will be able to use RuPay credit card on UPI with BHIM app.

What is UPI Lite
Small value transactions can be done through UPI Lite in a very simple and easy way. In India, more than 50 percent of UPI payments are done with a value of less than Rs 200. Once UPI Lite is integrated on the BHIM App, users will be able to do small value transactions in near-offline mode. This will help in achieving one billion transactions a day on the UPI platform. The UPI Lite payment transaction upper limit will be ₹200 while the total UPI Lite balance limit for the wallet on the device will be ₹2,000 at any point of time. Eight banks including Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India Union Bank of India and Utkarsh Small Finance Bank have been linked with this service.

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What is Bharat BillPay Cross-Border Bill Payment?
Announcing the monetary policy in April this year, the RBI governor had said that the bill payment system would be introduced to make it easier for Indians living abroad to pay the bills of family members living in their home countries. There are more than 30 million Indians living abroad. India is one of the top five remittance recipient countries in the world. After the launch of Bharat BillPay Cross-Border Bill Payment Facility, non-resident Indians will be able to pay electricity to water bills and school fees of family members in the country. Federal Bank is going to be the first to provide Bharat BillPay cross-border bill payment facility along with UAE’s Lulu Exchange.

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